DUBAI, Feb 7 (Reuters) - A relapse in oil prices and a sell-off in global bourses may weigh on Middle East stock markets on Sunday, erasing some of the previous session's gains.

Brent futures LCOc1 settled at $34.04 a barrel on Friday, ending the week lower and snapping two weeks of gains, as a frenzy of speculation about a possible deal between top oil producers clashed with concern about a growing supply glut. O/R

Global stock markets slumped on Friday after a key U.S. jobs eport painted a mixed picture of the labor market. The Nasdaq Composite Index fell to its lowest close since October 2014. MKTS/GLOB

Bourses in the Middle East ended their last trading week on a high note as investors gathered the courage to buy stocks after crude prices staged a two-day rally.

Some markets, especially Dubai and Egypt, have turned technically short-term bullish. Dubai's index .DFMGI , last at 3,058 points, is heading for a test of resistance on its December peak of 3,189 points.

Egypt .EGX30 , last at 6,202 points, on Thursday triggered a minor bullish right triangle formed by the highs and lows since mid-January and pointing up to around 6,750 points.

"Stock prices have come down by more than 15 percent in the majority of the region's markets and this is an opportunity for long-only investors who are keen on buying those cheaper shares," said a Riyadh-based portfolio manager.

But he added that any accumulation of shares would be piecemeal and hesitant as unstable oil prices and a downbeat outlook for the health of the regional economy curbed risk appetite.

Dubai Financial Market DFM.DU , the Gulf's only listed stock exchange, reported an 89 percent drop in fourth-quarter net profit on Thursday after the market closed as trading activity plunged, tracking the slump in oil prices. The firm made a profit of 15.5 million dirhams ($4.2 million); HSBC had forecast DFM would make 20 million dirhams.

(Reporting by Celine Aswad; Editing by Andrew Torchia) ((celine.aswad@thomsonreuters.com; +9714 44536886; Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))

Keywords: MIDEAST STOCKS