Most major Gulf markets gain on oil, look to US inflation data

Most major Gulf stock markets rose in early trade on rising oil prices and ahead of a key U.S. inflation report that could heavily influence the Federal Reserve's policy outlook, report Reuters.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed decisions as most regional currencies are pegged to the U.S. dollar.
Investors are awaiting the report later on Tuesday after Fed Chair Jerome Powell and other policymakers said they are still not sure that interest rates are high enough to tame inflation.
Economists polled by Reuters expect U.S. headline consumer price inflation to have slowed to 3.3 per cent in October from 3.7 per cent in September, although the core inflation rate that strips out volatile components is not expected to change.
Saudi Arabia's benchmark index gained 0.8 per cent, with auto rental firm Lumi gaining 2.4 per cent and oil giant Saudi Aramco up 0.3 per cent.
Oil prices, often a catalyst for Gulf financial markets, were slightly higher after an OPEC report said market fundamentals remained strong.
OPEC on Monday blamed speculators for a drop in prices as it slightly raised its 2023 forecast for global oil demand growth and stuck to its relatively high 2024 prediction.
In Abu Dhabi, the index added 0.1 per cent.
The Qatari benchmark added 0.2 per cent, helped by a 3.1 per cent rise in Masraf Al Rayan and a 0.9 per cent increase in petrochemical maker Industries Qatar.
Dubai's main share index, however, eased 0.2 per cent, weighed down by a 1.4 per cent fall in blue-chip developer Emaar Properties.