Most major Gulf equities rode on a global rally to open up on Thursday amid a steady rise in oil price, although the Saudi index extended the losses.

Oil prices, a key driver for financial markets in the Middle East, rose as much as $1 per barrel on Thursday after dropping below key technical support levels in the previous session, as an energy standoff between Europe and Russia focused investors on how tight fuel supply may become.

In Dubai, the main share index edged up 0.2%, supported by its real estate and financial stocks. The blue-chip developer Emaar Properties climbed 1.2% and lender Dubai Islamic Bank was up 0.7%.

Dubai's property market recovered strongly from the severe downturn in 2020, propelled by an economic rebound and higher energy prices after the emirate eased pandemic restrictions faster than most cities around the world.

However, a Reuters poll on Dubai housing market outlook, published on Sept. 5 showed the recovery was fragile and uneven, and an oversupply of residential properties along with rising interest rates would pressure prices over the coming months.

In Abu Dhabi, the index inched up 1%, boosted by a 1.5% gain in the country's largest lender First Abu Dhabi Bank and a 2.3% jump in Conglomerate International Holding Company.

In Qatar, the benchmark index, was up 0.1%, recovering from yesterday's marginal slide, as index received some support from financials and telecom shares. Commercial Bank advanced 1%.

Telecoms firm Ooredoo surged 3.8%, after signing an agreement to sell its Myanmar unit to Singapore's Nine Communications for an enterprise value of $576 million and a total equity consideration of $162 million.

Saudi Arabia's benchmark index edged 0.8% lower, extending losses for a fourth consecutive session, pressured by financial stocks. The country's largest lender Saudi National Bank slid 1%, while lender Banque Saudi Fransi was down 1.4%.

($1 = 3.6580 Qatar riyals)

(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Krishna Chandra Eluri)