Asian stocks, oil up amid OPEC+ talk collapse

06.07.2021 - Petr Mazaylo
Asian stocks, oil up amid OPEC+ talk collapse

Asia Pacific stocks were up on Tuesday morning in parallel with escalating oil prices as investors continue to mull over the implications of the falling out in the Organization of the Petroleum Exporting Countries and allies’ (OPEC+) talks regarding output.

In Japan, Nikkei 225 went up 0.34% by 10:07 PM ET (2:07 AM GMT) while South Korea’s KOSPI gained 0.50%.

Australia’s ASX 200 climbed up 0.18% while Hong Kong’s Hang Seng Index fell down 0.17%.

Meanwhile, in China, Shanghai Composite rose 0.04% while the Shenzhen Component dropped 0.23% as investors keep an eye on the market after the Cyberspace Administration of China ordered app stores to take down the Chinese ride-hailing giant Didi from their offerings earlier in the week.

In oil news, the collapse of the OPEC+ talks on output increase raises investors’ concerns over a possible price war not unlike the 2020 Saudi Arabia-Russia price war that led the commodity to negative territory.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?