NNA - Most major Gulf stock markets opened higher on Monday, while Saudi Arabia's benchmark index extended its losses as lower oil prices and concerns over U.S. debt ceiling negotiations dampened investor sentiment.

Oil prices — a key catalyst for Gulf's financial markets — slipped on Monday as concerns about demand recovery in China offset support from lower supplies from Canada and OPEC+ producers, with Brent crude futures falling 73 cents, or 0.97%, to $74.85 a barrel by 0634 GMT.

U.S. President Joe Biden and House Republican Speaker Kevin McCarthy will meet to discuss the debt ceiling later in the day, less than two weeks before the June 1 deadline after which Treasury expects the federal government will struggle to pay its debts.

Saudi Arabia's benchmark stock index (.TASI) fell 0.2%, as almost all the sectors slipped, with material and energy stocks leading the losses.

Saudi Arabian Mining Co (Ma'aden) (1211.SE), the largest miner in the Gulf, fell nearly 3% after reporting over 80% slump in its first-quarter net profit to 419.4 million riyals ($111.84 million) year-on-year.—Reuters 

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