• Oil staged its largest one-day rally in history on prospects for a cut in supply equivalent to anywhere from 10pc to 15pc of world demand.
  • The Qatari index edged up 0.1pc, with Qatar Fuel Company adding 1.6pc and Mesaieed Petrochemical climbing 5.2pc.

Saudi Arabia's stock market rose for a fourth straight session on Sunday after oil prices surged at the end of last week, while other major Gulf bourses were little changed in early trade.

Brent crude futures jumped 13.9pc, or $4.17 a barrel on Friday to settle at $34.11. Brent soared as much as 47pc on Thursday for its highest intraday percentage gain on record, closing up 21pc.

On Thursday, oil staged its largest one-day rally in history on prospects for a cut in supply equivalent to anywhere from 10pc to 15pc of world demand.

Saudi Arabia's benchmark index advanced 1pc in early trade, led by a 2.1pc rise in oil giant Saudi Aramco and a 2.8pc increase in petrochemical firm Saudi Basic Industries .

Meanwhile, OPEC has scheduled an emergency meeting on Monday, led by Saudi Arabia, where cuts equal to 10pc of world supply – about 10 million barrels per day – could be agreed upon.

The Qatari index edged up 0.1pc, with Qatar Fuel Company adding 1.6pc and Mesaieed Petrochemical climbing 5.2pc.

Gains in Qatar's index were limited by shares in the Gulf's largest lender Qatar National Bank, which dropped 1.9pc.

In Abu Dhabi, the index was down 0.1pc, hurt by a 0.6pc fall in telecoms firm Etisalat.

Dubai's main share index also slipped 0.1pc. Sharia-compliant lender Dubai Islamic Bank lost 3.9pc.

The United Arab Emirates central bank said on Sunday it had reduced banks' reserve requirements for demand deposits by 50pc to support the country's economy during the COVID-19 pandemic.