DUBAI, Nov 16 (Reuters) - Stock markets in the Gulf may rebound on Wednesday in line with Asian shares and in response to a recovery of oil prices overnight.

MSCI's broadest index of Asia-Pacific shares outside Japan is up 0.6 percent on Wednesday morning, bouncing back from a four-month low touched earlier this week, while Brent oil futures LCOc1 are holding near $47 a barrel after soaring 5.7 percent on renewed hopes of an OPEC output deal.

"We expect oil to range between $45 and $48 a barrel until the end of the year, and so long as those ranges hold, the oil-sensitive shares will continue to offer opportunities to investors, especially those petrochemical producers that are running at full capacity," said a Jeddah-based fund manager.

In Saudi Arabia, the general market index fell back 2.1 percent to 6,493 points on Tuesday, retreating from technical resistance on the July peak of 6,703 points.

But fund managers described the move as due to natural profit-taking after a strong rally in the past few weeks. One factor pushing down the market was a Bloomberg report quoting unnamed sources as saying the Public Investment Fund might sell some of its share holdings in Saudi companies, but the PIF subsequently issued a statement denying the report.

(Reporting by Celine Aswad; Editing by Andrew Torchia) ((celine.aswad@thomsonreuters.com)(+9715 6224 7653))