Dec 1 (Reuters) - Major Gulf stock markets traded mixed early on Monday, as optimism rose over a potential U.S. Federal Reserve rate cut, even as softer oil prices weighed on sentiment.

Dovish comments from Federal Reserve Governor Christopher Waller and New York Fed President John Williams, combined with weaker-than-expected U.S. economic data, have solidified market expectations for a December rate cut. CME FedWatch Tool currently prices in an 87% probability of easing from 30% earlier in November.

Core U.S. Personal Consumption Expenditures figures on Friday could provide further cues on the Fed's monetary policy path.

Shifts in U.S. monetary policy have a significant impact on Gulf markets, where most currencies are pegged to the dollar.

Dubai's main share index .DFMGI gained 0.4%, with blue-chip developer Emaar Properties EMAR.DU rising 0.8%, while Dubai Electricity and Water Authority DEWAA.DU advanced 1.9%.

In Abu Dhabi, the index .FTFADGI rose 0.4%, set to end a five-day losing streak, with the country's biggest lender by assets First Abu Dhabi Bank FAB.AD edging 0.1% higher.

Saudi Arabia's benchmark index .TASI dropped 0.7% on a 1.3% fall in Al Rajhi Bank 1120.SE and a 0.7% slide in oil major Saudi Aramco 2222.SE.

Oil prices - a catalyst for the Gulf's financial markets - climbed 2% after OPEC+ members reaffirmed a plan to hold output steady and as the Caspian Pipeline Consortium halted exports following a major Ukrainian drone attack. U.S.-Venezuela tensions also raised concerns about supply.

Brent crude futures LCOc1 advanced $1.22, or 1.96%, to $63.60 a barrel at 0732 GMT. The contract settled down on Friday for the fourth consecutive month, its longest losing streak since 2023, as expectations for higher global supply weighed on prices.

Crude prices, even after the recent rebound, are still hovering near multi-month lows, putting pressure on the fiscal balances of oil-dependent Gulf nations through lower revenues.

The Qatari benchmark .QSI eased 0.2%.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair)

((AteeqUr.Shariff@thomsonreuters.com; +918061822788))