Today’s Announcements & News
Asia-Pacific markets are experiencing mixed trends today following Saudi Arabia and Russia’s decision to extend voluntary oil production cuts until the end of the year. Saudi Arabia will continue its 1 million barrels per day cut until December, while Russia plans to reduce its oil exports by 300,000 barrels per day.
This development has pushed Brent crude futures to settle at $90.04 a barrel, marking the first time they’ve closed above $90 since November. U.S. West Texas Intermediate crude futures are trading near $86.87 a barrel, also reaching a 10-month high.
In the region, the S&P/ASX 200 in Australia is hovering just below the flatline. Meanwhile, Japan’s Nikkei 225 has risen by 0.32%, with the Topix up by 0.41%. South Korea’s Kospi is down by 0.18%, but the Kosdaq has gained 0.12%.
Futures for Hong Kong’s Hang Seng index suggest a weaker opening compared to its previous close of 18,456.91. Investors are closely watching the impact of these oil production cuts on the markets and global energy prices.
S&P 500 futures are showing little change on Tuesday night as Wall Street shifts its focus beyond the previous losing session that marked the beginning of the holiday-shortened trading week.
Futures linked to the broader index and the Dow Jones Industrial Average are holding steady, while Nasdaq 100 futures have declined by 0.1%.
The previous trading session on Wall Street ended in the red, marking the start of the holiday-shortened week. The Dow finished nearly 200 points lower, around 0.6%, while the S&P 500 and Nasdaq Composite dipped by 0.4% and nearly 0.1%, respectively.
The decline was partly influenced by rising oil prices following Saudi Arabia and Russia’s extension of voluntary supply cuts. West Texas Intermediate futures surged by more than 1% and briefly crossed the $87 per barrel mark, reaching their highest level since November.
Additionally, Treasury yields experienced an increase during the session. The combination of climbing oil prices and yields can raise concerns about the Federal Reserve’s future decisions regarding interest rates, according to Bill Merz, head of capital market research at U.S. Bank Wealth Management.
Oil prices have edged higher on Thursday, driven by concerns of a potential supply shortage following the decision by Saudi Arabia and Russia to extend their voluntary supply cuts until the end of the year.
Brent crude futures
increased by 17 cents, or 0.2%, reaching $90.21 per barrel as of 00:08 GMT. This marks the first time it has crossed the $90 threshold since November, continuing a six-day streak of gains.
The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.