May 15 Reuters Major Gulf indexes dropped in early trade on Monday, tracking oil prices lower, with the Dubai bourse leading losses.

Crude prices a key catalyst for the region39;s financial markets  fell as concerns about fuel demand in top global oil consumers, the U.S. and China, offset bullish sentiment about tightening supplies due to OPEC cuts and a resumption in U.S. buying for reserves.

Saudi Arabia39;s benchmark index declined 0.3, with Riyad Bank SJSC losing 1.8 and Al Rajhi Banking and Investment Corporation easing 0.3.

The kingdom39;s annual inflation rate was 2.7 in April, unchanged from the previous month, driven mostly by housing rental costs, according to government data released on Monday.

The inflation outlook for the Gulf countries is muted in comparison to many major economies, a Reuters poll found.

Dubai39;s main share index retreated 1.1, with Shariacompliant lender Dubai Islamic Bank PJSC losing 1.9 and bluechip developer Emaar Properties PJSC declining 1.3.

In Abu Dhabi, the index lost 0.6, with Alpha Dhabi Holding PJSC retreating 0.9, while ADNOC Gas Plc slid about 4, falling for a third consecutive session.

The energy firm, which debuted in a March IPO, reported a 9 rise in net income. Revenue, however, fell 15 yearonyear to 6.2 billion.

Meanwhile, Abu Dhabi National Energy Company PJSC gained 1 after reporting quarterly net income of 11.6 billion dirhams 3.16 billion, an increase of 9.6 billion dirhams, and proposed a dividend of 0.65…