Saudi Arabian stocks climbed on Sunday in response to Friday’s rise in oil prices, while most other bourses in the Gulf were in the red on global economic concerns.

Oil prices settled about $3 per barrel higher on Friday for a second straight week of gains after Moscow said it could cut crude output in response to the G7 imposing a price cap on Russian exports.

Russia may cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.

Saudi Arabia’s benchmark index edged 0.2% higher, ending two sessions of losses, helped by a 1.9% rise in Retal Urban Development Co and a 1% increase in Al Rajhi Bank.

Most Gulf markets end lower on recession worries

The Saudi bourse could maintain a stronger profile this week if oil prices continue to move to the upside, said Daniel Takieddine, CEO MENA at BDSwiss.

“However, price corrections could still pose a threat.”

The blue-chip index in Qatar - among the world’s top exporters of liquefied natural gas - dropped 0.6%, hit by a 1.2% fall in Qatar Islamic Bank.

According to Takieddine, the Qatari market saw additional price corrections after last week’s pause as natural gas prices remained very volatile.

Outside the Gulf, Egypt’s blue-chip index was down 0.7%, extending losses from the previous session.

SAUDI ARABIA rose 0.2% to 10,235

QATAR dropped 0.6% to 10,918

EGYPT down 0.7% to 14,385

BAHRAIN was up 0.4% to 1,859

OMAN lost 0.2% to 4,831

KUWAIT was down 0.4% to 7,975