Most Gulf bourses closed higher on Sunday in response to Friday’s oil price rise, driven by Russian plans to reduce crude production next month.

Oil, which fuels the region’s economies, rose more than 2%, with Brent crude gaining $1.89 to $86.39 a barrel.

Russia plans to reduce crude production by 500,000 barrels per day (bpd) in March, or about 5% of its total output.

Major Gulf bourses mixed on rate hike uncertainty; Egypt surges

Also positive for prospective oil revenues, OPEC Secretary General Haitham Al Ghais said on Sunday the group expects oil demand to exceed pre-pandemic levels this year, reaching almost 102 million barrels a day.

Saudi Arabia’s benchmark index edged up 0.1%, lifted by gains in energy, consumer and real estate sectors.

Oil major Saudi Aramco rose 0.2% while luxury real estate developer Retal Urban Development gained 0.3% Saudi British Bank climbed 2% after it reported on Thursday a 52% increase in full-year net profit.

Abdullah Al Othaim Markets jumped 6.3% after it recorded a 31.4% rise in fourth-quarter net profit.

The Qatari Stock index inched up 0.1%, supported by gains in the industry and energy sectors, with Industries Qatar and Qatar Fuel rising 3.4% and 0.9% respectively.

Outside the Gulf, Egypt’s blue-chip index dropped 1.9%, ending a five-session wining streak driven by government plans to sell state stakes in 32 companies over the next year.

The index was dragged down by a 4.7% loss in Commercial International Bank Egypt and a 2.9% fall in Telecom Egypt.

Among other losers, Misr Fertilizers and Abu Dhabi Islamic Bank Egypt slid 3.7% and 4.3% respectively.

SAUDI ARABIA rose 0.1% to 10,419

QATAR added 0.1% to 10,439

KUWAIT added 0.3% at 8,223

BAHRAIN rose 0.1% at 1,940

OMAN fell 0.2% to 4,757

EGYPT lost 1.9% to 17,287