Wednesday, December 7, 2022

Asian shares rise, oil extends gains after OPEC+ deal

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SYDNEY: Asian shares were cautiously higher on Thursday, while the dollar eased ahead of US non-farm payrolls data, and oil prices gained for a fourth day after deep production cuts pledged by OPEC+ members.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4% in early Asia trade, as US futures gained. The index is up 4% this week after faling 13% in September.

Japan’s Nikkei stock index climbed 0.7% to its highest level since September, South Korea advanced 1.2% and Australia edged 0.1% higher. Hong Kong’s Hang Seng index, on the other hand, fell 0.5%.

S&P 500 futures advanced 0.6%, and the Nasdaq futures gained 0.9%, building on a late rebound in US stocks which helped limit earlier losses. The S&P 500 finished Wednesday 0.20% lower and the Nasdaq Composite ended down 0.25%.

Mainland Chinese markets remain closed for holidays.

Read more: UK’s household energy price cap could cost $160 bln

The Refinitiv Asia Energy index rose 0.7%, after the Organization of the Petroleum Exporting Countries and allies agreed to cut oil production the deepest since the COVID-19 pandemic began, curbing supply in an already tight market.

Oil prices rose for a fourth straight day to their highest level since mid-September. Brent crude futures were up 0.6% at $93.9 a barrel while US West Texas Intermediate (WTI) crude futures also gained 0.6% to $88.26 per barrel.

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