Most Gulf markets track oil prices higher

Most major stock markets in the Gulf rose in early trade on Tuesday, tracking higher oil prices, although the Abu Dhabi index bucked the trend to trade flat, reports Reuters.
Oil prices - a key catalyst for the Gulf's financial markets - rose for a fourth consecutive session as weak US shale output spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia.
Saudi Arabia's benchmark index gained 0.3 per cent, and was on course to end two sessions of losses, helped by a 1.1 per cent increase in petrochemical maker Saudi Basic Industries Corp and a 0.4 per cent rise in Al Rajhi Bank.
Saudi Arabian Energy Minister Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts to oil supply, saying international energy markets need light-handed regulation to limit volatility.
Oil giant Saudi Aramco was up 0.3 per cent.
Separately, the kingdom is in early talks with US electric automaker Tesla to set up a manufacturing facility in the kingdom, the Wall Street Journal reported on Monday, citing sources familiar with the matter.
Dubai's main share index added 0.3 per cent, with top lender Emirates NBD advancing 1.5 per cent and blue-chip developer Emaar Properties rising 0.6 per cent.
In Qatar, the index rose 0.5 per cent, as most of the stocks were in positive territory, including petrochemical firm Industries Qatar, which was up 1 per cent.
The Abu Dhabi index, however bucked the trend to trade flat at 9,821.