**PLEASE NOTE THIS IS A PRESENTED MARKET REPORT**

Thomson Reuters Journalist Melanie Ralph says Gulf markets remain flat as the price of oil remains under $50 per barrel.

SHOWS: LONDON, ENGLAND, UK (JANUARY 20, 2015) (REUTERS - ACCESS ALL)

1. THOMSON REUTERS, JOURNALIST, MELANIE RALPH, SAYING:

Most Middle East markets closed flat or lower on the back of volatile oil prices..

Brent crude fell in early trade on after the IMFcut its forecast for global economic growth in 2015, because of the lower demand for fuel.

But we saw prices rise above $49 per barrel later in the day, supporting Saudi Arabia's bourse which, but still ended FLAT, as petrochemicals giant Saudi Basic Industries, whose earnings are correlated with oil prices, rose 0.9 percent.

Telecoms were some of the big losers.

Saudi Telecom Co tumbled 5.2 percent. The company's fourth-quarter net profit slumped more than 32 percent.

Most other Gulf markets pulled back as well.

Dubai's index slipped about half a percent but we saw a glimmer of light with low-cost carrier Air Arabia, rising off the back of cheaper oil, and gaining almost 2 percent.

Logistics firm Aramex, which could also see its fuel costs go down, added 1 percent.

Meanwhile Abu Dhabi's bourse fell 1 percent as large lenders like Abu Dhabi Commercial Bank and First Gulf Bank all fell more than expected.

Qatar's benchmark remained flat while, in a surprising twist.. Egypt's bourse jumped more than 2 percent, with property stocks leading those gains...

Talaat Moustafa Holding and Palm Hills Development both gained more than 2 percent.

Egypt's central bank also started allowing some depreciation of the pound this week, thank sto the easing we're seeing in inflation and the slump in oil prices.