Major stock markets in the Gulf were mixed in early trade on Monday, ahead of OPEC+’s monthly meet this week, with the Saudi index on course to extend gains for a fourth session.

The benchmark index in Saudi Arabia advanced 1.1%, buoyed by a 1.5% rise in Al Rajhi Bank and a 1% increase in oil behemoth Saudi Aramco.

Crude prices, a key catalyst for the Gulf’s financial markets, jumped more than 3% in early Asian trade on Monday, as OPEC+ considers cutting output by more than 1 million barrels a day, for its biggest reduction since the pandemic, in a bid to support the market.

A significant production cut is poised to anger the United States, which has been putting pressure on Saudi Arabia to continue pumping more to help oil prices soften further and reduce revenues for Russia as the West seeks to punish Moscow for sending troops to Ukraine.

The Qatari index rebounded 1.3%, with petrochemical maker Industries Qatar rising 2.3%, while Qatar Islamic Bank was up 2%.

Dubai’s main share index fell 0.3%, hit by a 10% slide in Mashreq Bank.

Most Gulf markets rebound; Abu Dhabi extends losses

In the previous session, Mashreq Bank surged 15%, following media reports that the lender has received bids from several companies to purchase stake in its payment unit.

The Abu Dhabi index eased 0.4%, weighed down by a 0.7% fall in telecoms firm e&, formerly known as Emirates Telecommunications.