Most stock markets in the Gulf fell in early trade on Wednesday, tracking Asian shares lower ahead of key U.S. inflation data later in the day, which could signal the pace of Federal Reserve policy easing.

The Consumer Price Index (CPI) report, scheduled for release at 1230 GMT, is expected to rise 0.3%, though anything above that could further reduce the chance of a December easing.

Traders currently lay 62% odds for the Fed to cut rates by a quarter point on Dec. 18 at the conclusion of its next policy meeting, according to CME Group's FedWatch Tool. A week earlier, the probability was 77%.

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions, as most regional currencies are pegged to the U.S. dollar.

Saudi Arabia's benchmark index .TASI dropped 0.9%, weighed down by a 0.5% fall in aluminium products manufacturer Al Taiseer Group 4143.SE and a 1.8% decline in Al Rajhi Bank 1120.SE.

Meanwhile, crude oil - a catalyst for the Gulf's financial markets - continued to hover near its lowest levels this month after OPEC on Tuesday cut its forecast for global oil demand growth this year and next, highlighting weakness in China and some other regions. O/R

Lower prices and disruptions to crude exports impact fiscal balances in countries reliant on oil income.

Oil behemoth Saudi Aramco 2222.SE lost 0.4%.

Dubai's main share index .DFMGI eased 0.3%, hit by a 2.3% fall in Emaar Development EMAARDEV.DU. The developer surged more than 10% after reporting a higher nine-month net profit.

The Abu Dhabi index .FTFADGI fell 0.2%.

In Qatar, the benchmark index .QSI was flat in a choppy trade.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Rashmi Aich)