Saudi ends higher on oil prices, most Gulf markets in red

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, reported Reuters.