MIDEAST STOCKS-Markets track oil lower ahead of OPEC+ meeting; most set for monthly gains

Most major Gulf markets weakened on Monday, tracking lower oil prices ahead of a crucial meeting of producer group Organization of the Petroleum Exporting Countries (OPEC+), but they were set to finish the month higher on hopes of a COVID-19 vaccine.

Financial markets worldwide have gained in most sessions over the past couple of weeks as U.S. drugmakers Pfizer Inc and Moderna Inc as well as Britain’s AstraZeneca NSE -0.31 % released positive trial data on the effectiveness of their vaccine candidates.

Also, crude oil prices, a vital catalyst for the Gulf markets, fell on jitters ahead of a meeting of producer group OPEC+ to decide whether to extend large output cuts to balance global markets.