Asia markets set for mixed open after Saudi Arabia and Russia extend oil cuts

Business
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September 5, 2023
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Storage tanks and oil processing facilities operate beside the Arabian Sea at Saudi Aramco’s Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018. The upcoming OPEC+ meeting in Vienna will result in an oil production cut “of some historic kind”, said CIO of Pickering Energy Partners, Dan Pickering.

Simon Dawson | Bloomberg | Getty Images

Asia-Pacific markets are set for a mixed open after Saudi Arabia and Russia extended voluntary oil production cuts to the end of the year.

Saudi Arabia will extend its cut of 1 million barrels per day until the end of December, while Russia will reduce its oil exports by 300,000 barrels per day.

Brent crude futures settled at $90.04 a barrel, closing above the $90 mark for the first time since November. U.S. West Texas Intermediate crude futures traded near $86.87 a barrel, also a 10-month high.

In Australia, futures for the S&P/ASX 200 point to a lower open, at 7,266 compared with the last close of 7,314.3.

Japan’s Nikkei 225 is set for a higher open after seven straight days of gains, with the futures contract in Chicago at 33,045 and its counterpart in Osaka at 33,070 against the index’s last close of 33,036.

Futures for Hong Kong’s Hang Seng index stood at 18,439, pointing to a weaker open compared with the HSI’s close of 18,456.91.