Most Stock markets in the Gulf dropped in early trade on Monday amid volatile oil prices, while Qatar and Saudi bucked the trend.

Crude prices — a key catalyst for the Gulf's financial markets — were volatile with Brent traded down 3 cents at $88.52 a barrel by 0648 GMT and inching up to $88.57 a barrel by 0730 GMT. Dubai's benchmark stock index dropped 0.2% in early trade, weighed down by losses in industry and utilities sectors, with National Central Cooling slipping 2.2% and the tolls operator Salik dropping 0.6%.

The emirate's largest lender Emirates NBD lost 0.6%.

In Abu Dhabi, the benchmark stock index was down 0.3%, dragged down by a 1.2% loss in ADNOC Drilling and 1.2% decline in ADNOC Gas.

First Abu Dhabi Bank, largest lender in the United Arab Emirates, slipped 0.4%.

In Qatar, the benchmark added 0.4%, with Industries Qatar gaining 1.6% and Commercial Bank trading 1.9% higher.

Saudi Arabia's benchmark stock index was up 0.1%, aided by gains in finance, health and materials sectors with Dr Sulaiman Al-Habib Medical Services rising 1.4% and Saudi Basic Industries gaining 1%.

(Reporting by Md Manzer Hussain Editing by Peter Graff)