TOKYO, Oct 3 (Reuters) – Oil jumped on Monday as OPEC+ considers a cut to output this week, while Asia shares were mixed with holidays in the Asia-Pacific region likely to result in thin trading.
U.S. crude rose 3.01% to $81.88 a barrel after OPEC+ sources told Reuters oil production could be cut by between 500,000 and one million barrels a day. Brent crude rose 2.95% to $87.65 per barrel.
On the first trading day of the quarter, MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.43%, on course to decline for a fourth straight session.
Full coverage: REUTERS
Morning Bid: Quiet Start After Torrid Quarter
After a tumultuous quarter that saw global inflation and borrowing costs skyrocket and hammer risky assets, the first trading day of the fourth quarter is probably just what investors needed – a quiet session.
Asian equities were mixed in early trade in a holiday-heavy week, with the spotlight clearly on energy costs after oil prices jumped more than 3% on news OPEC+ was considering an output cut of more than 1 million barrels a day.
Full coverage: REUTERS
Yen Weakens Past Key Level, Sterling Pares Gains
SINGAPORE, Oct 3 (Reuters) – The yen breached the key level of 145 a dollar on Monday, for the first time in more than a week since Japan’s intervention to prop up the currency, while sterling gave up some of its gains after a modest recovery at the end of last week.
The yen bottomed at 145.4 to the dollar, and last traded down 0.1% at 144.9, in thin Asian trade on a holiday in China, South Korea and some Australian states.
Monday’s fall came after Finance Minister Shunichi Suzuki’s comments that Japan stood ready for “decisive” steps in the foreign exchange market if excessive yen moves persisted.
Full coverage: REUTERS
Malaysia’s Commodities Minister Says Crude Palm Oil Price Weakness Is Temporary
KUALA LUMPUR, Oct 3 (Reuters) – The weakness in crude palm oil prices is temporary as demand from top consumer China is expected to pick up after it relaxes its COVID-19 restrictions, Malaysia’s Commodities Minister Zuraida Kamaruddin said on Monday.
Concerns about demand worsening due to an global economic slowdown amid high inflation, rising interest rates and recession fears, are temporary as China can be expected to gradually relax its zero-COVID policy that has hindered palm oil consumption and demand, she said in a statement.
Full coverage: REUTERS
Shell To Invest In Second Malaysia Oil, Gas Project In A Month
Oct 3 (Reuters) – Shell PLC (SHEL.L) announced a second investment in Malaysia’s oil and gas sector in a month as the major and its partners, including Petronas, aim to revive output in an environment of tight global supply.
Shell’s decisions come after the war in Ukraine disrupted Russian oil and gas supplies and boosted prices. Oil and gas producers in Asia are struggling to sustain output after years of under-investment in the sector as international companies scaled back to focus on exploration and production in Africa and the Americas.
Full coverage: REUTERS
