Most stock markets in the Gulf ended higher on Monday, as crude prices stayed near the key $100 a barrel level on a weaker dollar and recovery in Chinese imports.

Brent crude futures recouped most losses after dropping by more than $1/bbl earlier in the session on China lockdowns worries.

Saudi Arabia’s benchmark index rose 0.7%, extending gains from the previous session, led by a 3% rise in Riyad Bank.

Privately owned Chinese refiner Zhejiang Petroleum & Chemical Co (ZPC) signed a purchase deal with Saudi Arabian state oil producer Saudi Aramco for 1.08 million tonnes (7.88 million barrels) of crude oil, Reuters reported on Monday, citing government-backed Chinese newspaper Zhoushan Daily. Aramco shares were up 0.3%.

Saudi oilfield services firm Arabian Drilling Co surged more 23% to 123 riyals in its market debut.

It set the final price at 100 riyals a share, the top end of its price range, raising 2.67 billion riyals ($710.39 million), valuing the company at 8.9 billion riyals.

Dubai’s main share index gained 0.9%, with blue-chip developer Emaar Properties rising 2.3%.

Saudi bourse gains on rising oil prices; Egypt falls

In ABu Dhabi, the index advanced 1.2% to hit a record high, buoyed by a 2.1% jump in the country’s biggest lender, First Abu Dhabi Bank.

The United Arab Emirates will remain a supplier of oil and gas for “as long as the world is in need”, its president Sheikh Mohammed bin Zayed al-Nahyan said on Monday, speaking at the start of the COP27 summit in Egypt.

The Qatari index finished 1.3% higher.

On Friday, ratings agency S&P raised Qatar’s long-term sovereign credit rating to “AA” from “AA-”, citing improvements in the government’s fiscal position.

Qatar, which will host the 2022 FIFA World Cup this month, is one of the world’s largest exporters of natural gas and has benefited from huge windfalls from soaring global oil and gas prices.

Outside the Gulf, Egypt’s blue-chip index advanced 2.4%, as most of the stocks on the index were in positive territory.

======================================== SAUDI ARABIA    rose 0.7% to 11,599 ABU DHABI       up 1.2% to 10,607 DUBAI           added 0.9% to 3,379 QATAR           gained 1.3% to 12,570 EGYPT           rose 2.4% to 11,444 BAHRAIN         was up 0.1% to 1,863 OMAN            lost 0.2% to 4,408 KUWAIT          advanced 0.9% to 8,391========================================