DUBAI: Most stock markets in the Gulf ended higher on Wednesday, tracking rising oil prices, as investors shrugged off impact of a rise in COVID-19 cases caused by the Omicron variant.

Crude prices, a key catalyst for the Gulf’s financial markets, held near $80 a barrel after OPEC+ producers stuck to an agreed output target rise for February.

OPEC+ producers, which include members of the Organization of the Petroleum Exporting Countries along with Russia and others, on Tuesday agreed to add another 400,000 barrels per day of supply in February, as they have done each month since August.

Saudi Arabia’s benchmark index advanced 0.9%, boosted by a 2.7% rise in the country’s largest lender Saudi National Bank and a 1.4% increase in petrochemical maker Saudi Basic Industries Corp.

The kingdom on Tuesday registered 2,585 new infections, up from some 1,000 cases announced on Sunday. It is still below a peak of more than 4,700 in June 2020.

The Qatari index climbed 1.8%, as almost all the stocks on the index were in positive territory including petrochemical maker Industries Qatar.

Elsewhere, public utility Qatar Electricity and Water Company concluded 1.1% after its subsidiary signed an agreement to acquire 40% stake in energy investment company Nebras Power for $530 million.