Dec 25 Reuters Saudi Arabian stocks climbed on Sunday in response to Friday39;s rise in oil prices, while most other bourses in the Gulf were in the red on global economic concerns.

Oil prices settled about 3 per barrel higher on Friday for a second straight week of gains after Moscow said it could 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 caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.

Saudi Arabia39;s benchmark index edged 0.2 higher, ending two sessions of losses, helped by a 1.9 rise in Retal Urban Development Co and a 1 increase in Al Rajhi Bank.

The Saudi bourse could maintain a stronger profile this week if oil prices continue to move to the upside, said Daniel Takieddine, CEO MENA at BDSwiss.

However, price corrections could still pose a threat.

The bluechip index in Qatar among the world39;s top exporters of liquefied natural gas dropped 0.6, hit by a 1.2 fall in Qatar Islamic Bank.

According to Takieddine, the Qatari market saw additional price corrections after last week39;s pause as natural gas prices remained very volatile.

Outside the Gulf, Egypt39;s bluechip index was down 0.7, extending losses from the previous session.

Reporting by Ateeq Shariff in Bengaluru; Editing by Hugh Lawson

Source Reuters