MIDEAST STOCKS-Major Gulf markets fall on lower oil prices

May 15 (Reuters) - Major Gulf indexes dropped in early trade on Monday, tracking oil prices lower, with the Dubai bourse leading losses. Crude prices - a key catalyst for the region's financial markets - fell as concerns about fuel demand in top global oil consumers, the U.S. and China, offset bullish sentiment about tightening supplies due to OPEC+ cuts and a resumption in U.S. buying for reserves. Saudi Arabia's benchmark index declined 0.3%, with Riyad Bank SJSC losing 1.8% and Al Rajhi Banking and Investment Corporation easing 0.3%. The kingdom's annual inflation rate was 2.7% in April, unchanged from the previous month, driven mostly by housing rental costs, according to government data released on Monday. The inflation outlook for the Gulf countries is muted in comparison to many major economies, a Reuters poll found. Dubai's main share index retreated 1.1%, with Sharia-compliant lender Dubai Islamic Bank PJSC losing 1.9% and blue-chip developer Emaar Properties PJSC declining 1.3%. In Abu Dhabi, the index lost 0.6%, with Alpha Dhabi Holding PJSC retreating 0.9%, while ADNOC Gas Plc slid about 4%, falling for a third consecutive session. The energy firm, which debuted in a March IPO, reported a 9% rise in net income. Revenue, however, fell 15% year-on-year to $6.2 billion. Meanwhile, Abu Dhabi National Energy Company PJSC gained 1% after reporting quarterly net income of 11.6 billion dirhams ($3.16 billion), an increase of 9.6 billion dirhams, and proposed a dividend of 0.65 fils. The Qatari benchmark slipped 0.8%, as most of the index traded in negative territory, including the region's biggest lender Qatar National Bank QPSC , which declined 1.7%. Bucking the trend, however, Qatar Navigation QPSC rose 3.8%. ($1 = 3.6717 UAE dirham) (Reporting by Ateeq Shariff in Bengaluru; Editing by Sonia Cheema)