Tuesday, 16 May 2017

Asian markets mixed following 2% jump in oil prices; dollar softer

Asian markets were mixed in Tuesday trade, following the bounce in oil prices after the energy ministers of Russia and Saudi Arabia announced output cuts should be extended till March 2018 and as investors largely shrugged off. US West Texas Intermediate crude jumped more than 3 percent during the session yesterday. Saudi Arabia and Russia are the world's top two oil producers. US crude gained 0.55 percent to trade at USD 49.12 a barrel while Brent crude added 0.44 percent to trade at USD 52.05. "An extension of OPEC and Russia's oil production cuts for another nine months should put a floor under the oil price in the mid-USD 40 range as the market inches gradually towards balance,".

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