Aug 24 Reuters Major stock markets in the Gulf rose in early trade on Wednesday, in response to a surge in oil prices in the previous session, with the Qatari index on track to end three sessions of losses.

Crude prices, a key catalyst for the Gulf39;s financial markets, jumped nearly 4 the previous day after the energy minister of Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries OPEC, flagged the possibility the group would cut supply to balance a market he described as schizophrenic. 

Oil prices have dropped in recent weeks to around 95 per barrel from as high as 120 on fears of a Chinese economic slowdown and a recession in the West.

The benchmark index in the kingdom added 0.2, led by a 0.8 increase in oil behemoth Saudi Aramco.

However, Saudi Arabian supermarket retailer BinDawood Holding fell around 4 after it reported a fall in quarterly earnings.

Brent crude futures for October settlement were up 84 cents, or 0.83, to 101.04 a barrel by 0820 GMT, after rising 3.9 on Tuesday.

Dubai39;s main share index gained 0.4, bolstered by a 0.9 rise in bluechip developer Emaar Properties.

Emaar Properties said on Tuesday Namshi deal will result in net profit of 628.7 million dirhams 171.17 million.

On Saturday, Emaar said it is selling fashion ecommerce venture Namshi to Noon, an ecommerce company backed by Dubai billionaire Mohamed Alabbar and Saudi Arabian sovereign fund the Public Investment Fund PIF.

Deal values Namshi at…