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Saudi Arabian shares rose on Sunday in response to Friday’s rise in oil prices, while most other Gulf bourses were in the red on global economic concerns.

Oil prices rose nearly $3 a barrel on Friday, a second straight week of gains after Moscow said it may 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 constraints, Deputy Prime Minister Alexander Novak said on Friday, according to the RIA news agency.

Saudi Arabia’s benchmark index ( .TASI ) rose 0.2% to end two sessions of losses, helped by a 1.9% rise in Retail Urban Development Co ( 4322.SE ) and Al Rajhi Bank ( 1120.SE ) 1% increase.

The Saudi bourse could maintain a stronger rating this week if oil prices continue to move higher, said BDSwiss MENA CEO Daniel Takieddine.

“However, price corrections can still pose a risk.”

The blue-chip index (QSI) in Qatar, among the world’s top exporters of liquefied natural gas, fell 0.6%, led by a 1.2% drop in Qatar Islamic Bank ( QISB.QA ).

According to Takieddine, the Qatari market has seen additional price corrections since last week’s pause as natural gas prices have remained very volatile.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) fell 0.7%, extending the previous session’s losses.

Ateeq Shariff’s report in Bengaluru. Editing by Hugh Lawson

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