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.

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%.

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.

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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