Major stock markets in the Gulf were subdued in early trade on Monday, pressured by weak oil prices, while investors also awaited more corporate earnings reports.

Oil prices - a catalyst for the Gulf's financial markets - were weighed down by worries over a global glut as U.S.-China trade tensions added to concerns about an economic slowdown and weaker energy demand.

Saudi Arabia's benchmark index eased 0.1%, on course to extend losses from the previous session, with ACWA Power Company losing 2.2%.

ACWA Power on Sunday obtained non-recourse project financing totaling 10.8 billion riyals ($2.88 billion) for the Qurayyah independent power plant expansion project.

Elsewhere, oil giant Saudi Aramco fell 0.3%.

However, Saudi National Bank - the country's biggest lender by assets - advanced 1.4% after reporting about a 20% increase in third-quarter net profit.

Dubai's main share index shed 0.4%, hit by a 1.5% fall in top lender Emirates NBD (ENBD).

ENBD will buy a 60% stake in Indian private lender RBL Bank for $3 billion, the banks said on Saturday. Shares of the Dubai-based lender jumped over 6% last week on reports of the stake purchase.

In Abu Dhabi, the index was flat.

The Qatari index was down 0.1%, with the Gulf's biggest lender Qatar National Bank losing 0.5%.

($1 = 3.7504 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Eileen Soreng)