DUBAI, Aug 29 (Reuters) - Stock markets in the Gulf look set to retreat on Monday after a fresh slide in oil prices over supply concerns and a drop in Asian equities after U.S. Federal Reserve chair Janet Yellen's hawkish comments at the end of last week.

Brent futures LCOc1 were trading at $49.40 per barrel in Asian trade, down 1.0 percent from their previous close, after Iraq's production rose and Iran said it would only cooperate in producer talks to freeze output if fellow exporters recognised its right to fully regain market share. O/R

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS is down 1 percent. MKTS/GLOB

On Sunday Saudi Arabia's stock index .TASI rebounded 1.6 percent but trading volume was near this year's low, suggesting traders lacked confidence in a sustained rebound.

Shares in Dubai may underperform as that market is more exposed to foreign fund flows and sensitive to trends in global emerging markets.

(Reporting by Celine Aswad; Editing by Andrew Torchia) ((celine.aswad@thomsonreuters.com; +971 4 4536886; Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))