The Saudi Arabian stock market closed higher on Sunday in reaction to rising oil prices and strong gains, while the Qatar index fell on falling natural gas prices.

Crude oil prices settled on Friday as hopes of stronger Chinese demand and a weakening dollar outweighed concerns about a global economic slowdown and the impact of interest rate hikes on fuel consumption.

Saudi Arabia’s leading index rose 0.4%, led by a 1.3% gain in oil giant Saudi Aramco and 1.8% in Riyadh Bank, which…