Thursday, 22 June 2017

Asian stocks climb as oil crawls up from ten-month low

Asian stocks advanced on Thursday as oil prices inched up after hitting a 10-month low overnight on concerns over a supply glut and falling demand, dragging US and European shares lower. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent. Japan's Nikkei and South Korea's KOSPI were flat, while Australian shares rose0.4 percent. Crude oil crept up from multi-month lows hit on Wednesday on concerns over growing US production and reduced Chinese refinery activity. "The time for contrarian trades in oil is fast approaching, but I would want to see some stability in price and the technicals start to become more convincing,".

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