OPEC and allies strike deal to end oil production cuts – .

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OPEC and allies strike deal to end oil production cuts – .


SINGAPORE – Stocks in Asia-Pacific fell on Monday as oil prices fell after OPEC and its allies struck a deal.
The Nikkei 225 in Japan lost 1.46% in afternoon trading while the Topix index lost 1.39%. South Korea’s Kospi fell 0.91%.

In Hong Kong, the Hang Seng index slipped 1.59% in the afternoon. Mainland China stocks were also lower, with the Shanghai composite losing around 0.3% while the Shenzhen component edging down.

Australian stocks were also lower, with the S & P / ASX 200 falling 0.85%.

The largest MSCI index of Asia-Pacific stocks excluding Japan fell 1.19%.

Oil prices fall after OPEC + deal

In the afternoon of Asian trading hours on Monday, international benchmark Brent crude futures fell 1.06% to $ 72.81 a barrel. US crude futures also fell 1.09% to $ 71.03 a barrel.
Shares of Asia-Pacific oil companies also fell in trading on Monday, with Santos in Australia falling 2.56%. Japan’s Inpex fell 2.1%, while Japan Petroleum Exploration plunged 2.56%. CNOOC shares in Hong Kong fell 1.35%.

OPEC and its allies on Sunday reached an agreement to phase out 5.8 million barrels per day of reduced oil production by September 2022. The coordinated increase in the group’s oil supply – collectively known as the name of OPEC + – will begin in August, OPEC said in a statement.

The development came as Brent has jumped more than 40% so far in 2021, with demand for crude increasing as the global economy recovers from the pandemic.

Devises

The US dollar index, which tracks the greenback against a basket of its peers, was at 92.726 after a recent rally below 92.4.
The Japanese yen was trading at 109.94 per dollar, stronger than the levels above 110.4 seen against the greenback last week. The Australian dollar changed hands at $ 0.7387, below levels above $ 0.748 last week.

Correction: This article has been updated to reflect that OPEC and its allies reached a deal on Sunday to phase out 5.8 million barrels per day of reduced oil production by September 2022.

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