Major Gulf markets fall on lower oil prices

Major Gulf indexes dropped in early trade on Monday, tracking oil prices lower, with the Dubai bourse leading losses.

Crude prices - a key catalyst for the region's financial markets - fell as concerns about fuel demand in top global oil consumers, the US and China, offset bullish sentiment about tightening supplies due to OPEC+ cuts and a resumption in US buying for reserves.

Saudi Arabia's benchmark index (.TASI) declined 0.3%, with Riyad Bank SJSC (1010.SE) losing 1.8% and Al Rajhi Banking and Investment Corporation (1120.SE) easing 0.3%, reported Reuters.

Dubai's main share index (.DFMGI) retreated 1.1%, with Sharia-compliant lender Dubai Islamic Bank PJSC (DISB.DU) losing 1.9% and blue-chip developer Emaar Properties PJSC (EMAR.DU) declining 1.3%.