Asian markets dip after deal to cut oil production

Asian markets dip after deal to cut oil production

Asian markets fell in early trading Monday, after the world’s major oil producers agreed to a historic production cut. Japan’s NI

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Asian markets fell in early trading Monday, after the world’s major oil producers agreed to a historic production cut.

Japan’s NIkkei
JP:NIK
declined 0.8% and South Korea’s Kospi
KR:180721
fell 0.7%. The Shanghai Composite
CN:SHCOMP
dipped 0.2% while the smaller-cap Shenzhen Composite
CN:399106
slipped 0.4%. Benchmark indexes in Taiwan
TW:Y9999
and Singapore
SG:STI
were about flat, while stocks gained slightly in Indonesia
ID:JAKIDX
. Markets in Hong Kong, Australia, New Zealand and Europe are closed for the Easter Monday holiday.

On Sunday, OPEC, Russia and other oil-producing nations agreed to an unprecedented production cut of nearly 10 million barrels a month, in a bid to strengthen prices amid a monthslong price war between Saudi Arabia and Russia and a global drop in demand due to the coronavirus pandemic.

But some analysts worried that the production cut would not be enough to boost prices.

“With a demand shock estimated at between 15 to 30 million barrels of oil a day, depending on who you talk to, it is clear that the OPEC+ agreement contains more hope than reality,” wrote Jeffrey Halley, senior Asia Pacific market analyst at Oanda, in a note. “The entire construction is underwhelming, to say the least.”

West Texas Intermediate crude for May delivery
US:CLK20
rose about 5%, while June Brent crude
UK:BRNM20
, the global benchmark, gained 1%.



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