Gulf markets rallied on Thursday as global oil prices steadied around $63, stemming a turbulent week on global markets.

The rebound in oil prices coupled and a series of political statements helped push stocks in a number of Gulf markets. Dubai's Financial Market Index rallied 13% on Thursday, recording its biggest ever surge.

Prior to Thursday, Dubai's stock exchange had shed almost a third of its value since November 27. After a turbulent week, it was 4.7% down.

The Saudi Tadawul All Shares Index surged 8.9% on Thursday, its second surge in two days, although it was still down 0.9% on the week.

Meanwhile, Abu Dhabi's Securities Exchange increased by 6.7% on Thursday, meaning it was down 3.1% for the week.

The end-of-week rally came after traders across the board reacted to news that major oil companies were planning to cut back investment in 2015.

Brent rallied from a five-year low of $58.50 a barrel this week to $63 a barrel as a result.