Stock markets in the United Arab Emirates ended higher on Friday, tracking gains in oil prices following OPEC+’s agreement to tighten global supply with a deal to cut production targets by two million barrels per day (bpd).

Crude prices, a key catalyst for the Gulf’s financial markets, were headed for a second weekly gain, trading over $95 a barrel, up from around $88 earlier this week.

The cut from the Organization of Petroleum Exporting Countries and allies including Russia, known as OPEC+, comes ahead of a European Union embargo on Russian oil and will squeeze supply in an already tight market.

Dubai’s main share index advanced 0.7%, led by a 1.5% rise in top lender Emirates NBD.

Most Gulf bourses drop on growth worries, gains in oil limit losses

The Dubai bourse registered a weekly gain of over 1%, its first in three weeks.

Separately, Indian cosmetics and fashion retailer Nykaa and Dubai-based lifestyle and fashion conglomerate Apparel Group have struck an alliance to expand in the Gulf region, the companies said on Thursday.

In Abu Dhabi, the index closed 0.1% higher and also posted its first weekly gain in three weeks, supported by a 1.3% rise in telecoms firm e&, formerly know as Emirates Telecommunications.

Major stock markets elsewhere in the Gulf region are closed on Friday.

==================================== ABU DHABI      rose 0.1% to 9,905 DUBAI          added 0.7% to 3,373====================================