Most Gulf stock markets fell on Tuesday, with Saudi Arabia marginally lower and Dubai and Qatar sharply down, after oil prices retreated on comments by U.S. President Donald Trump pressuring OPEC not to go ahead with a supply cut.

Brent oil hovered near multi-month lows under $70 a barrel following a decline for a record 11th consecutive session amid softening demand, and after Trump said he hoped there would be no oil output reductions. 

Saudi Arabia's main index was down 0.3 percent. Saudi Basic Industries lost 0.8 percent, and Al-Rajhi Bank fell 0.7 percent.

However, Medgulf rose 6.4 percent to its highest in nearly three months and was the third most traded stock on the bourse after signing a health insurance contract with Saudi Electricity.

In Dubai, the blue-chip index fell one percent, dragged down by a 2.8 percent drop in banking heavyweight Emirates NBD.

Islamic Arab Insurance lost 5.1 percent after posting a third-quarter loss compared with a year-ago profit. Union Properties was down one percent after its loss widened in the third quarter.

The Qatar index also shed one percent, as lender Masraf Al Rayan fell 2.5 percent and Industries Qatar slipped 2.1 percent. Qatar National Bank was down 0.8 percent.

Egypt's main index was one percent lower as Sidpec slipped 7.1 percent, while Global Telecom Holding fell 5.6 percent.

The Abu Dhabi index inched 0.3 percent higher, with banking giant First Abu Dhabi Bank gaining 0.7 percent.

National Marine Dredging surged 14.7 percent, a day after posting a two-fold jump in third-quarter profit.

Abu Dhabi Islamic Bank, which had soared over 13 percent to a 2-1/2-year high on Monday after saying it would let foreigners buy its shares, retreated 1.7 percent.

SAUDI ARABIA

* The index was down 0.3 percent at 7,751 points.

DUBAI

* The index was down 1 percent at 2,776 points.

ABU DHABI

* The index was up 0.3 percent at 4,967 points.

QATAR

* The index was down 1 percent at 10,315 points.

EGYPT

* The index was down 1 percent at 13,544 points.

KUWAIT

* The index was up 0.1 percent at 5,297 points.

BAHRAIN

* The index  was down 0.3 percent at 1,305 points.

OMAN

* The index was down 0.3 percent at 4,467 points.

(Reporting by Shashwat Awasthi in Bengaluru, Editing by William Maclean) ((mailto:Shashwat.Awasthi@thomsonreuters.com; within U.S.+1 646 223 3403; outside U.S. +91 80 6749 3403; Reuters Messaging: rm://shashwat.awasthi.thomsonreuters.com@reuters.net))