Dubai, Abu Dhabi track oil prices higher

Oct 7 (Reuters) – United Arab Emirates stocks closed higher on Friday, tracking oil prices higher after OPEC+ agreed to tighten global supply with a deal to cut output by 2 million barrels a day (bpd).

Crude oil prices, a key catalyst for Gulf financial markets, were set for a second week of gains, trading above $95 a barrel, up from around $88 earlier in the week.

The production cuts by the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, come before the European Union imposed an embargo on Russian oil, which will squeeze supply in an already tight market. read more

Dubai’s main stock index (<.DFMGI>) Up 0.7%, major bank Emirates NBD rose 1.5% ().

The Dubai bourse rose more than 1% on a weekly basis for the first time in three weeks.

Separately, Indian cosmetics and fashion retailer Nykaa and Dubai-based lifestyle and fashion group Apparel Group have formed an alliance to expand in the Gulf, the companies said on Thursday. read more

In Abu Dhabi, the index (<.FTFADGI>) It closed up 0.1 percent and traded at telecoms company e& ()formerly known as Etisalat.

Major stock markets in the rest of the Gulf were closed on Friday.

Reporting by Ateeq Shariff in Bengaluru Edited by Mark Potter

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