Dubai, Abu Dhabi track oil prices higher

A screen in the Dubai Stock Exchange in Dubai, United Arab Emirates, November 8, 2020. REUTERS/Abdel Hadi Ramahi/File Photo

Oct 7 (Reuters) - Stock markets in the United Arab Emirates ended higher on Friday, tracking gains in oil prices following OPEC+'s agreement to tighten global supply with a deal to cut production targets by two million barrels per day (bpd).

Crude prices, a key catalyst for the Gulf's financial markets, were headed for a second weekly gain, trading over $95 a barrel, up from around $88 earlier this week.

The cut from the Organization of Petroleum Exporting Countries and allies including Russia, known as OPEC+, comes ahead of a European Union embargo on Russian oil and will squeeze supply in an already tight market. read more

Dubai's main share index (<.DFMGI>) advanced 0.7%, led by a 1.5% rise in top lender Emirates NBD (<ENBD.DU>).

The Dubai bourse registered a weekly gain of over 1%, its first in three weeks.

Separately, Indian cosmetics and fashion retailer Nykaa and Dubai-based lifestyle and fashion conglomerate Apparel Group have struck an alliance to expand in the Gulf region, the companies said on Thursday. read more

In Abu Dhabi, the index (<.FTFADGI>) closed 0.1% higher and also posted its first weekly gain in three weeks, supported by a 1.3% rise in telecoms firm e& (<ETISALAT.AD>), formerly know as Emirates Telecommunications.

Major stock markets elsewhere in the Gulf region are closed on Friday.

Reporting by Ateeq Shariff in Bengaluru Editing by Mark Potter

Our Standards: The Thomson Reuters Trust Principles.