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Stock markets in the Middle East rebounded on Tuesday, tracking a rally in global equities and as crude oil prices rose on record supply cuts and improving fuel demand.
Brent crude rose 77 cents, or 1.94%, to $40.49 a barrel by 0918 GMT, extending gains into a third session.
The International Energy Agency forecast oil demand at 91.7 million barrels per day for 2020, 500,000 bpd higher than its estimate in May's report, citing higher-than-expected consumption during the lockdowns.
Saudi Arabia's benchmark stock index added 0.6%, with oil giant Saudi Aramco rising 0.9% and Dr Sulaiman Al-Habib Medical Services 4013.SE gaining 2%.
Dubai's main share index rose 0.9%, driven by a 1.5% rise in Emaar Properties and a 3% jump in logistic company Aramex.
On Monday, Aramex announced the launch of Aramex SMART, a delivery, payment and returns solution for e-tailers, to boost e-commerce in the region.
In Abu Dhabi, the key stock index advanced 1.4%, buoyed by a 1.4% gain in First Abu Dhabi Bank (FAB), the country's largest lender.
FAB sold 1.4 billion Chinese yuan ($197.85 million) in five-year Formosa bonds at 3.5%, a document showed on Monday.
The Qatari index inched up 0.3%, supported by a 0.9% rise in the Gulf's largest lender, Qatar National Bank.
Outside the Gulf, Egypt's blue-chip index leapt 2.5% in broad-based gains, with Commercial International Bank up 3.2%.
The Egyptian government is looking to raise a loan of more than $1 billion and has tapped lenders in the United Arab Emirates to arrange the financing, Reuters reported, citing two sources familiar with the deal.
($1 = 7.0759 Chinese yuan)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Subhranshu Sahu) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))