DUBAI: Most stock markets in the Gulf were trading higher early on Tuesday as oil prices ticked up on concerns about supply.
Dubai’s main share index, up 0.40%, was set for a second consecutive session of gains and Abu Dhabi’s benchmark index was set to snap two consecutive sessions of losses.
A lower than expected supply hike from OPEC+ is boosting oil prices, a catalyst for stock markets in the Gulf. Brent crude futures were up 0.19% to $64.75 a barrel by 0627 GMT.
Adding to supply concerns was a wildfire in the province of Alberta in Canada that has led to a temporary shutdown of certain oil and gas production. According to Reuters calculations, the wildfires have disrupted close to 7% of Canada’s oil production.
Real estate financier Amlak Finance was the top gainer on the Dubai index, up 14.29%. First Abu Dhabi Bank, the United Arab Emirates’ biggest lender, was up 1.15% in early trade.
In Qatar, the benchmark stock index was up 0.61%, helped by a 2.15% rise in Qatar Gas Transport and a 1.86% gain in consumer goods conglomerate Industries Qatar.
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