Thursday, Jul 16, 2020 | Last Update : 10:57 PM IST

114th Day Of Lockdown

Maharashtra27564015261310928 Tamil Nadu1518201023102167 Delhi118645956993487 Karnataka4725318467933 Gujarat44648313462080 Uttar Pradesh41383257431012 Telangana3934225999386 Andhra Pradesh3545118378452 West Bengal34427206801000 Rajasthan2643719502530 Haryana2330617667319 Bihar2017313533157 Assam197551288953 Madhya Pradesh1964313908682 Odisha1489810476101 Jammu and Kashmir116666337206 Kerala9554463436 Punjab87995867221 Jharkhand4562248538 Chhatisgarh4556332420 Uttarakhand3785294850 Goa2951167418 Tripura228116043 Manipur170010800 Puducherry159688921 Himachal Pradesh134196610 Nagaland9023480 Chandigarh61945911 Arunachal Pradesh4911533 Meghalaya337462 Mizoram2381590 Sikkim222870
  Business   Market  13 Apr 2020  Asian markets dip after OPEC+ deal to cut oil production

Asian markets dip after OPEC+ deal to cut oil production

AFP
Published : Apr 13, 2020, 9:58 am IST
Updated : Apr 13, 2020, 9:58 am IST

Oil benchmarks surged in early Asian trade, with WTI climbing nearly eight percent and Brent up five percent

 Asian shares fall as oil rallies after OPEC+ output cuts deal. (AFP Photo)
  Asian shares fall as oil rallies after OPEC+ output cuts deal. (AFP Photo)

Hong Kong: Asia markets fell Monday with investors cautious on news of an international deal to shore up oil prices and tentative signs of progress in efforts to combat the coronavirus pandemic.

OPEC producers dominated by Saudi Arabia and allies led by Russia thrashed out a compromise deal on Sunday to cut production by nearly 10 million barrels per day from May.

Oil benchmarks surged in early Asian trade, with WTI climbing nearly eight percent and Brent up five percent before lunch.

The rally followed months of slumping prices after the COVID-19 outbreak sapped demand as countries around the world have put their populations under lockdown.

A Saudi-Russian price war also saw the ramping up of production as both countries bid to hold on to market share and undercut US shale producers.

OPEC Secretary General Mohammad Barkindo called the cuts "historic" in size but analysts said the measures may not go far enough to secure a long-term rebound.

"There remain concerns the agreement could be a day late and a 'barrel short' to prevent a decline in prices in the coming weeks as storage capacity brims," said AxiCorp chief market strategist Stephen Innes.

Investors are waiting for signs that the world is winning the battle against the disease, which has now infected more than 1.8 million people and claimed more than 112,500 lives globally.

The weekend saw glimmers of hope that the crisis may have peaked in some of the hardest-hit countries.

Tokyo was down 0.8 percent in early trade, while Shanghai fell 0.2 percent and Singapore fell 0.1 percent.

Hong Kong, Sydney and Wellington were closed for a public holiday.

More whirlwind sessions are likely this week, with new economic data to reveal the extent of the economic havoc unleashed by the COVID-19 pandemic on the world's top two economies.

Analysts are predicting S&P 500 companies to report a drop in profits ranging from six to 15 percent, with worse declines in the second quarter.

Tags: asia market, asia stock market, coronavirus pandemic, oil price opec, opec, coronavirus impact, covid 19 outbreak, asian stocks
Location: Hong Kong, Hongkong, Victoria