'Bombshell' OPEC+ output hike hits oil price

Eight OPEC+ subordinate countries connected Saturday announced a crisp summation successful lipid production. Photo: JOE KLAMAR / AFP/File
Source: AFP

Oil prices slumped connected Monday aft 8 OPEC+ members announced a crisp summation successful production, portion Asian stocks treaded h2o successful bladed commercialized with large markets closed.

The output summation of 411,000 barrels a time announced by Saudi Arabia, Russia and six different members of the lipid cartel connected Saturday added to concerns astir over-supply.

The terms of crude has already been sliding due to the fact that of fears of a planetary economical slowdown connected the backmost of US President Donald Trump's tariff onslaught.

"OPEC+ has conscionable thrown a bombshell to the lipid market," Jorge Leon, expert with Rystad Energy, told AFP.

"(Saturday's) determination is simply a definitive connection that the Saudi-led radical is changing strategy and pursuing marketplace stock aft years of cutting production," helium added.

On equity markets, Tokyo was closed for a vacation on with Hong Kong and mainland China. Taiwan edged little portion the Jakarta Composite Index gained.

The Australian dollar gained against the US dollar aft Prime Minister Anthony Albanese's predetermination triumph connected Saturday, portion the S&P/ASX 200 fell astir 1 percent.

Wall Street stocks concluded a beardown week connected a winning enactment Friday, notching coagulated gains connected bully US jobs information and improving sentiment astir US-China commercialized talks.

In Europe, Paris and Frankfurt roseate implicit 2 percent arsenic markets brushed disconnected authoritative information showing eurozone ostentation remained unchanged astatine somewhat supra the European Central Bank's two-percent target.

London besides gained ground, with mining and commodity stocks -- delicate to Chinese request -- performing peculiarly good amid optimism for the imaginable Beijing-Washington talks, according to analysts.

Stephen Innes astatine SPI Asset Management said that the "market (is) catching its enactment earlier the adjacent directional catalyst drops".

This could travel from advancement -- oregon an lack of it -- successful easing commercialized tensions betwixt the United States and China oregon fund negotiations successful Washington.

Key figures astatine astir 0300 GMT

Tokyo - Nikkei 225: closed for holiday

Hong Kong - Hang Seng Index: closed for holiday

Shanghai - Composite: closed for holiday

Euro/dollar: UP astatine $1.1341 from $1.1299 connected Friday

Pound/dollar: UP astatine $1.3295 from $1.3268

Dollar/yen: DOWN astatine 144.14 yen from 144.97

Euro/pound: UP astatine 85.31 pence from 85.14

West Texas Intermediate: DOWN 3.8 percent astatine $56.08 per barrel

Brent North Sea Crude: DOWN 3.5 percent astatine $59.17 per barrel

New York - Dow: UP 1.4 percent astatine 41,317.43 (close)

London - FTSE 100: UP 1.2 percent astatine 8,596.35 (close)

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: AFP