Major bourses in the Gulf rebounded on Tuesday, taking a cue from oil prices as hopes for further cuts in crude supplies outweighed concerns that a resurgence of new coronavirus infections around the world could hamper fuel demand.
Brent crude edged up 9 cents, or 0.2%, at $39.81 a barrel by 0659 GMT, having gained 2.6% in the previous session.
Oil prices rose on Monday after the United Arab Emirates' energy minister expressed confidence that OPEC+ producers that have not been in full compliance with previously agreed cuts would up their game.
Saudi Arabia's benchmark index gained 0.7% in early trade. Al Rajhi Bank rose 0.8%, while state-owned Saudi Aramco traded 0.6% up.
On Sunday, Saudi Aramco bought 2.1 billion shares of Saudi Basic Industries (SABIC) on the stock market, completing a deal to purchase 70% of the petrochemical giant, according to sources and market data.
SABIC was up 0.7%.
Dubai's main share index advanced 1.2%, with blue-chip developer Emaar Properties rising 2.2% and lender Emirates NBD gaining 1.3%.
In Abu Dhabi, the index edged up 0.2%, helped by a 0.5% increase in the country's largest lender First Abu Dhabi Bank (FAB).
Lender FAB sold 1.4 billion Chinese yuan ($197.80 million) in five-year Formosa bonds at 3.5%, a document showed on Monday.
The Qatari index added 0.5%, driven by a 1.7% rise in petrochemical firm Industries Qatar and a 1.1% gain in Commercial Bank.
The Gulf state began lifting coronavirus restrictions under a four-phase plan starting on June 15.
($1 = 7.0779 Chinese yuan renminbi)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Krishna Chandra Eluri) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))