MIDEAST STOCKS-Markets track oil lower ahead of OPEC+ meeting; most set for monthly gains

Most major Gulf markets weakened on Monday, tracking lower oil prices ahead of a crucial meeting of producer group Organization of the Petroleum Exporting Countries (OPEC+), but they were set to finish the month higher on hopes of a COVID-19 vaccine.

Financial markets worldwide have gained in most sessions over the past couple of weeks as U.S. drugmakers Pfizer Inc and Moderna Inc as well as Britain's AstraZeneca released positive trial data on the effectiveness of their vaccine candidates.
Also, crude oil prices, a vital catalyst for the Gulf markets, fell on jitters ahead of a meeting of producer group OPEC+ to decide whether to extend large output cuts to balance global markets.

Analysts and traders also expect the group and its allies, including Russia, to delay next year's planned increase in oil output as a second coronavirus wave has hit global fuel demand.

Saudi Arabia's benchmark index shed 0.2%. Healthcare firm Dr. Sulaiman Al-Habib Medical Services Group and oil behemoth Saudi Aramco were the top losers on the index, falling 1.6% and 0.7%, respectively.

However, the Saudi benchmark is poised for a monthly gain of nearly 10%, its biggest in four years.

Dubai's main share index edged down 0.1%, dragged by property stock Emaar Properties slipping 0.6%. The benchmark, however, is on course for a monthly gain of nearly 10%.

The Abu Dhabi index slipped about 0.4%, with major lenders First Abu Dhabi Bank and Abu Dhabi Islamic Bank declining 0.8% and 1.3%, respectively.

The Abu Dhabi benchmark, which has mostly underperformed its Gulf peers in November, is set for a monthly decline of 0.4%.

The Qatar benchmark index lost 0.3% in early trade, with energy firm Qatar Gas Transport Co being the biggest loser, declining 4.3%.

The index is on track to register a monthly gain of nearly 6%, its best month since April.