Gulf Set to Consolidate, Supported by Oil

Gulf stock markets look set to consolidate on Sunday, supported by last week's rebound in oil prices but lacking other positive factors to spur buying of individual stocks.

Brent crude oil closed above $50 a barrel on Thursday and Friday for the first time since July 4. This may continue to encourage the rebuilding of positions in Saudi Arabian petrochemical shares.

Other parts of the global market environment are not as positive, however, with global equities falling back 0.4 percent on Friday because of renewed talk of a U.S. interest rate hike by the end of this year.

Dubai's stock index, which rose 0.4 percent to 3,572 points on Thursday, faces technical resistance on its April peak of 3,605 points, after failing an initial test of that barrier last week.

(Reporting by Andrew Torchia