DUBAI, Nov 22 (Reuters) - Stock markets in the Gulf may get a boost on Tuesday following a rally in crude oil and as global equities continued to turn higher, but Saudi Arabia's index may trade lower on profit-taking.

Brent futures are now trading at their highest level since October at $49.34 a barrel as the market priced in a potential output cut led by producer cartel Organization of the Petroleum Exporting Countries (OPEC), which is set to meet on Nov. 30.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.2 percent, taking the lead from robust U.S. stocks and European equity markets overnight.

Although the global environment is somewhat positive, any gains in Gulf equity markets may be limited as institutional investors are choosing to sit out the session until there is more clarity from the outcome of the OPEC meeting and until the markets reprice a Donald Trump U.S. presidency.

"This week has so far been characterised more by retail investors and less by institutional investors," said a Dubai-based stock broker.

Saudi Arabia's index has been hit by profit-taking over the last three sessions, and is down 2.3 percent over that period. The index is still up 14.9 percent over the last 30 days with many of the blue chips trading near their estimated fair values, offering investors fewer reasons to continue adding shares.

"In Saudi, retail investors will likely come back to the foreground, so we will see more activity in the smaller-sized companies," said the stock broker.

(Reporting by Celine Aswad; Editing by Biju Dwarakanath) ((celine.aswad@thomsonreuters.com)(+9715 6224 7653))