Oil Extends Decline Below $40 as OPEC Abandons Production Target

Oil extended losses below $40 a barrel amid speculation a record global glut will be prolonged as OPEC abandoned its long-time strategy of limiting production to control prices. Futures dropped as much as 1.9 percent in New York after falling 4.2 percent last week. The Organization of Petroleum Exporting Countries will keep pumping about 31.5 million barrels a day, President Emmanuel Ibe Kachikwu said Friday after a meeting in Vienna....

Asian Stocks Rise After U.S. Jobs Report Buoys Economic Outlook

Asian stocks rose after a U.S. employment report boosted optimism in the world’s largest economy, with Japanese shares climbing as a weaker yen sent exporters higher. The MSCI Asia Pacific Index advanced 0.4 percent to 132.62 as of 9:00 a.m. in Tokyo. The Standard & Poor’s 500 Index rose the most in almost three months on Friday, while the yen weakened 0.4 percent against the dollar after the bigger-than-expected increase in American...

Japanese Stocks Follow U.S. Rebound as Jobs Report Buoys Dollar

Japanese stocks rallied after a strong U.S. jobs report reinforced confidence in the world’s largest economy and sent the dollar higher against the yen. The Topix index climbed 0.9 percent to 1,588.83 as of 9:03 a.m. in Tokyo, after sliding 1.3 percent last week. Exporters from Honda Motor Co. to Fanuc Corp. advanced, while energy explorers slipped after OPEC opted not to impose a limit on output. The yen traded at 123.19 per dollar...