Shares across the Arabian Gulf surged on Monday morning, after oil prices rose to their highest level since July 2015.
Brent crude futures surged rose by more than four per cent to around $56.71 a barrel during morning trading, following the agreement on Saturday by non-Opec oil producers to cut output by 558,000 barrels per day.
Shares in the UAE surged at the open, following gains across most Asian bourses.
Dubai’s headline index hit its highest level of the year so far, gaining around 1.7 per cent in early trading, with Emaar Properties rising around four per cent. DFM and DIB opened up by around 2.3 per cent and 0.7 per cent respectively.
Abu Dhabi National Energy (Taqa) was among the main gainers in the capital, rising 3.8 per cent during the first hour of trading, with fellow energy name Dana Gas up 1.8 per cent.
The Abu Dhabi Securities Exchange General Index was up by around 1.17 per cent at 11.28am with Etisalat and Aldar leading big name gainers.
The Qatar Exchange was up by around 0.6 per cent.
jeverington@thenational.ae
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