Major stock markets in the Gulf were mixed in early trade on Tuesday, weighed down by sluggish oil prices and fading hopes for a December U.S. rate cut.

The Federal Reserve last week cut interest rates for the second time this year, but Chair Jerome Powell said another reduction this year was "not a foregone conclusion".

Market participants now see a 65% chance of another rate cut in December, down from over 90% prior to Powell's remarks, as per CME's FedWatch Tool.

U.S. monetary policy shifts have a significant impact on Gulf markets, where most currencies are pegged to the dollar.

Saudi Arabia's benchmark index rose 0.2%, helped by a 1.1% rise in Saudi National Bank, the country's biggest lender by assets, and a 1.1% increase in oil behemoth Saudi Aramco.

Aramco reported a third-quarter net profit of 101.02 billion riyals ($26.94 billion), down from 103.4 billion riyals last year.

However, the company raised its 2030 sales gas production capacity growth target to about 80% above 2021 levels, up from its earlier goal of more than 60%.

Elsewhere, Saudi Telecom Company gained 0.9%, following an increase in quarterly revenue.

The kingdom's non-oil private sector registered one of its most robust performances since 2014 in October as new orders and hiring surged, a survey showed on Tuesday.

In Abu Dhabi, the index added 0.3%, helped by a 3% jump in Aldar Properties.

Aldar saw a steep fall in the previous two sessions after a Bloomberg report indicated that Alpha Dhabi intended to divest a portion of its stake in the developer.

Dubai's main share index eased 0.1%, hit by a 1.8% fall in top lender Emirates NBD .

Meanwhile, crude oil prices slipped as markets read OPEC+'s decision to pause output hikes in the first quarter as a signal of oversupply in the market.

The Qatari index fell 0.1%, with Qatar Islamic Bank losing 0.7%. ($1 = 3.7504 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Alison Williams)