Most Gulf markets rise on strong oil prices

DUBAI: Most stock markets in the Gulf ended higher on Tuesday on rising oil prices amid expectations that the OPEC+ producer group would deepen and extend output cuts.

Oil prices - a catalyst for the Gulf’s financial markets - were up 1.1% on Tuesday with Brent trading at $80.82 a barrel by 1240 GMT.

OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies, is due to hold a ministerial meeting on Thursday to discuss production targets for 2024. Dubai’s benchmark index was up for a third consecutive session, ending 0.4% higher, with almost all sectors in the green.

The real estate developer Emaar Properties surged 2.7% and Emirate’s largest lender Emirates NBD climbed 1.1%.