DUBAI, May 25 (Reuters) - Rises in global equity and oil markets look set to support bourses in the Gulf on Wednesday, although trading volumes are likely to stay thin.

Brent oil futures have risen 1.1 percent to $49.19 a barrel in early Asian trade, while MSCI's broadest index of Asia-Pacific shares outside Japan is up 1.6 percent.

Most stock markets in the Gulf have witnessed dwindling volumes over the last ten days with the approach of the holy month of Ramadan and summer holidays.

Sebastien Henin, head of asset management at Abu Dhabi-based The National Investor, believes markets will not see another strong rally before the summer since most factors are already baked into stock prices, inlcuding a high probability of a U.S. interest rate hike in coming months, a bottoming out of oil prices, and regional austerity measures.

(Reporting by Celine Aswad; Editing by Andrew Torchia) ((celine.aswad@thomsonreuters.com; +971 4 4536886; Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))