Asian shares rise, Oil extend gain after Opec+ Deal

(Infosette News) SYDNEY: On Thursday, Asian shares increased cautiously, the dollar softened ahead of US non-farm payroll data, and oil prices rose for a fourth straight day as a result of significant production cuts promised by OPEC+ members.

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Early Asian trading saw a 0.4% increase in MSCI’s broadest index of Asia-Pacific shares outside of Japan as US futures advanced. Following a 13% decline in September, the index is up 4% this week.

The Nikkei stock index in Japan increased by 0.7% to reach its highest level since September, South Korea gained 1.2%, and Australia gained 0.1%. The Hang Seng index in Hong Kong, on the other hand, decreased by 0.5%.

Building on a late rally in US markets that helped contain early losses, the S&P 500 futures jumped 0.6%, and the Nasdaq futures increased 0.9%.

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Read More: Warning of rising petrol prices following a reduction in Opec oil production

The Nasdaq Composite closed the day down 0.25%, while the S&P 500 ended the day down 0.20%.

Markets on the Chinese mainland are still closed for holidays.

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Following an agreement by the Organization of Petroleum Exporting Countries and allies to reduce oil production at the deepest level since the start of the COVID-19 crisis, which will reduce supply in a market that is already constrained, the Refinitiv Asia Energy index increased by 0.7%.

For the fourth straight day, oil prices increased to their highest level since mid-September.

At $93.9 per barrel, Brent crude futures were up 0.6%, and US West Texas Intermediate (WTI) crude futures were also up 0.6% to $88.26 per barrel.

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