Gulf markets fell in early trade on Sunday as the oil price slump fuelled a broad stock sell-off.

Brent crude posted its biggest weekly percentage drop in over a year on Friday to settle at $37.93 after the International Energy Agency (IEA) warned that global oversupply of crude could worsen next year.

Qatar's stock index tumbled 3.8 per cent, taking its losses for the year to 21.7 per cent, underperforming the MSCI emerging market index which is down 19 per cent in 2015.

Financial sector heavyweights Masraf Al Rayan and Qatar National Bank declined 4.8 and 2.3 per cent, respectively.

Dubai's bourse fell 1.6 per cent. It is down 23.2 per cent in 2015, making it the worst performing Gulf market index this year.

Losers outnumbered gainers 19 to three. Blue-chips Emaar Properties and Dubai Islamic Bank dropped 3 and 2.5 per cent respectively, while Emirates NBD, Dubai's largest bank by market value, rose 2.7 per cent with 7,000 shares traded.

Drake and Scull slid 0.8 per cent to Dh0.38, hitting a new record low. Another construction firm, Arabtec retreated 2.6 per cent, falling to a four-year low.

Abu Dhabi's index dropped 1.8 per cent as blue-chips tugged the index lower. First Gulf Bank and telecom giant Etisalat declined 1.7 and 1 per cent, respectively, giving back Thursday's gains.