Asian stocks, oil up amid OPEC+ talk collapse
Asia Pacific stocks were up on Tuesday morning in parallel with escalating oil prices as investors continue to mull over the implications of the falling out in the Organization of the Petroleum Exporting Countries and allies’ (OPEC+) talks regarding output.
In Japan, Nikkei 225 went up 0.34% by 10:07 PM ET (2:07 AM GMT) while South Korea’s KOSPI gained 0.50%.
Australia’s ASX 200 climbed up 0.18% while Hong Kong’s Hang Seng Index fell down 0.17%.
Meanwhile, in China, Shanghai Composite rose 0.04% while the Shenzhen Component dropped 0.23% as investors keep an eye on the market after the Cyberspace Administration of China ordered app stores to take down the Chinese ride-hailing giant Didi from their offerings earlier in the week.
In oil news, the collapse of the OPEC+ talks on output increase raises investors’ concerns over a possible price war not unlike the 2020 Saudi Arabia-Russia price war that led the commodity to negative territory.