Sept 28 Reuters Stock markets in the Gulf advanced in early trade on Thursday, as oil prices jumped amid tight global supplies and a drop in crude stocks in the United States.

Oil prices a catalyst for Gulf39;s financial markets  scaled oneyear highs on Thursday, with a big drop in U.S. crude stocks stoking concern that fuel demand is outstripping production.

Brent crude was up 0.88 to 97.45 a barrel at 0750 GMT.

Saudi Arabia39;s benchmark stock index was up 0.5, helped by gains in almost all sectors, with Riyad Bank rising 1.6 and Saudi Aramco adding 0.7.

China39;s privately controlled Jiangsu Eastern Shenghong Co Ltd said on Wednesday it had struck a preliminary deal with Saudi Aramco for the Middle Eastern oil major to become a minority stakeholder in its refining and petrochemical unit.

Dubai39;s benchmark stock index rose 0.2 in early trade, with Emaar Properties climbing 3.4 and Emaar Development surging 2.5.

The emirate39;s largest lender Emirates NBD gained 0.6.

In Abu Dhabi, the benchmark stock index advanced 0.2, aided by a 2 surge in Abu Dhabi Islamic Bank and a 1.2 gain in Aldar Properties.

The UAE39;s largest lender, First Abu Dhabi Bank, added 0.4.

In Qatar, the benchmark index rose 0.4, with almost all sectors in the green.

Industries Qatar and Ooredoo climbed 1.1 and 1.6 respectively.

Stock markets in Oman, Kuwait and Egypt are closed for a public holiday.

Reporting by Md Manzer Hussain Editing by Mark Potter

Source Reuters