Dubai index up 2% as oil bounces

Dubai: Dubai index jumped more than 2 per cent on Wednesday following a 4 per cent bounce back in oil.

Dubai Financial Market General Index was up 1.79 per cent to be at 2,746.58, after rising as much as more than 2 per cent. However, the Abu Dhabi Securities Exchange index was almost flat at 3,802.47.

Oil prices surged on Tuesday, settling more than 4 per cent higher as investors found reasons to hope for output cuts that could eventually reduce one of the biggest global supply gluts in decades.