Stock markets in the Gulf gained early on Wednesday as oil prices rose, although the advance was limited by expectations of an output hike at an OPEC+ meeting scheduled later this week.

Oil prices were under pressure on Tuesday morning amid OPEC+ production hike rumors, Iran nuclear deal speculation, and geopolitical tensions involving Russia and the U.S.

High inventories, OPEC output hikes and an uncertain global macroeconomic climate all seem to point to likely lower crude oil prices over the near-term.