Dubai index gains for 3rd day, up over 2 per cent

Dubai: The Dubai index extended gains for a third consecutive session on Monday as traders increased their bullish bets boosted by recovering crude oil.

The Dubai Financial Market general index ended up 2.3 per cent at 3,851.87, after gaining more than 15 per cent in the previous two sessions. The Abu Dhabi Securities Exchange general index ended 0.85 per cent lower at 4,478.48.

Oil rose as much as 2 per cent for a second day, extending the biggest rally since October 2012 after Saudi Arabia said it was confident that crude will rebound as world economic growth boosts demand. A global glut that has driven prices lower was created by a lack of cooperation from producers outside the Organization of Petroleum Exporting Countries, according to Saudi Arabian Oil Minister Ali Al-Naimi.