Benchmarks rose in Tokyo, Shanghai and Seoul but fell in Hong Kong.
Prices of oil fell dramatically on the third day of the business week, as the demand in United States, world’s largest oil consumer; dented after spike in coronavirus cases.
According to media reports, Brent crude fell 32 cents, or 0.7%, to $44 a barrel, and U.S. West Texas Intermediate (WTI) crude CLc1 dropped 33 cents, or 0.8%, to $41.59.
Oil prices climbed about $1 the previous day, reaching their highest since March 6.
Furthermore Southern Iraqi exports in the first 20 days of July averaged 2.70 million bpd.
Market Analysts said “Crude’s rally hit a brick wall after the API report showed a sharp rise in stockpiles and on President Trump’s warning that the coronavirus pandemic in the U.S. is likely to worsen,”
Although Oil prices rose on Tuesday on hopes for a COVID-19 vaccine and after European Union lenders agreed on ($859 billion) fund to prop up virus-hit economies.
There are also signs that Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), still not meeting its target under an OPEC-led supply cut deal.
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Asian Markets
Asian Shares showed a mixed trend on start of the trading on Wednesday.
Tokyo’s Nikkei 225 index lost 0.4% to 22,791.66 while the Hang Seng in Hong Kong edged 0.1% lower to 25,610.94.
The Shanghai Composite index gained 0.3% to 3,332.
S&P 500 added 0.2% to 3,257.30 for a third straight gain.
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