Most stock markets in the Gulf region rose in early trade on Wednesday as expectations of strong global demand for crudes pushed up oil prices.

OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, and further raised its economic growth forecast for this year, saying there was more room for improvement.

Oil price - a catalyst for the Gulf’s financial markets - rose 0.4% to $82.21 a barrel by 0740 GMT.

The Qatari benchmark index was up 0.4%, supported by gains in almost all sectors with Qatar Gas Transport rising 1.5% and Qatar Navigation gaining 1.1%.

Saudi Arabia’s benchmark stock index advanced 0.2%, lifted by gains in utilities, industry, consumer staples, healthcare and finance.

Acwa Power and Company for Cooperative Insurance gained 3.2% and 2.0%, respectively, while Saudi National Bank, the kingdom’s largest lender, added 0.3%.

Most Gulf markets rise in early trade

In Abu Dhabi, the benchmark stock index rose 0.1%, helped by a 0.5% increase in Aldar Properties and 1.3% gain in Abu Dhabi National Energy.

Dubai’s benchmark stock index eased 0.1%, with Tecom Group sliding 2.5% and Commercial Bank of Dubai slipping 3.2%, although Emirate’s largest lender Emirates NBD added 0.6%.