Oil Declines as U.S. Supplies Seen Expanding Before Doha Meeting

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Oil retreated from the highest level in more than four months as U.S. industry data showed crude stockpiles expanded before talks between major suppliers about freezing output.

Futures slid as much as 1.5 percent in New York after climbing 13 percent the previous three sessions. Inventories rose by 6.2 million barrels last week, the American Petroleum Institute was said to report. Government data Wednesday is forecast to show they gained 1 million barrels, keeping supplies near the highest since 1930. There’s hope a deal to cap production can be reached April 17 regardless of Iran’s position, said Kremlin press secretary Dmitry Peskov.

Oil has rebounded after slumping to the lowest in more than 12 years amid signs a global glut will ease as U.S. production declines. Saudi Arabia said it will agree to a freeze only if it’s joined by other suppliers including Iran, while Kuwait said a deal can be done without Tehran’s support. At least 16 nations will gather in Doha on Sunday to discuss keeping output at January levels.

West Texas Intermediate for May delivery fell as much as 63 cents to $41.54 a barrel on the New York Mercantile Exchange and was at $41.75 at 8:24 a.m. Hong Kong time. The contract gained $1.81 to $42.17 on Tuesday, the highest settlement since Nov. 25. Total volume traded was about 51 percent below the 100-day average.

Brent for June settlement lost as much as 39 cents, or 0.9 percent, to $44.30 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude was at a $1.21 premium to WTI for June.

Source: Bloomberg

Oil Futures Top $42 to Mark Highest Settlement of The Year

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Oil futures rallied above $42 a barrel Tuesday to settle at their highest level of the year, buoyed by a report that said Saudi Arabia and Russia have reached a deal to freeze production ahead of a meeting of major oil producers this weekend.

Adding further support, the Energy Information Administration raised its oil-price forecasts and cut its U.S. output expectations for this year and next.

May WTI crude rose $1.81, or 4.5%, to settle at $42.17 a barrel on the New York Mercantile Exchange. The settlement was the highest for a most-active contract this year.

Source: MarketWatch

Asian Stocks Rise as Crude Rally Buoys Energy Shares, Yen Drops

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Asian stocks climbed for a sixth day, heading for the longest winning streak in six months, as rising crude prices buoyed energy producers and a weaker Japanese currency boosted shares in Tokyo.

The MSCI Asia Pacific Index rose 0.9 percent to 128.81 as of 9:07 a.m. in Tokyo. Japan’s Topix index added 1.6 percent as the yen held Tuesday’s losses. Crude yesterday jumped to its highest level since November on prospects Russia and Saudi Arabia have forged a deal on freezing oil output. Industrial metal and iron ore prices also gained. The Standard & Poor’s 500 Index increased 1 percent. Attention now turns to Chinese trade data due Wednesday.

Australia’s S&P/ASX 200 Index gained 0.7 percent and New Zealand’s S&P/NZX 50 Index rose 0.6 percent. Markets in South Korea and Thailand are closed Wednesday.

Futures on the Hang Seng Index rose 0.9 percent, while contracts on the Hang Seng China Enterprises Index of mainland firms listed in Hong Kong added 1 percent in most recent trading. Futures on the FTSE China A50 Index climbed 0.3 percent. Data Wednesday may show the trade surplus widened to $34.95 billion in March compared with $32.59 billion the previous month.

Source: Bloomberg

Japan Stocks Rise Second Day After Oil Surges to Four-Month High

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Japanese shares rose for a second day, led by commodity producers, as the yen weakened and after oil prices surged.

The Topix index added 1.5 percent to 1,319.31 at 9:03 a.m. in Tokyo, with 10 shares rising each that fell. The Nikkei 225 Stock Average gained 1.5 percent to 16,169.38. The yen traded at 108.70 per dollar, weakening for a second day after climbing on Monday to the strongest level since October 2014. Crude rose to a four-month high Tuesday on prospects Saudi Arabia and Russia may agree to freeze oil production.

The Topix was down 16 percent in 2016 through Tuesday, the second-steepest decline among global markets.

Futures on the Standard & Poor’s 500 Index were little changed after the underlying U.S. equity gauge rose 1 percent to a one-week high on Tuesday.

Data released Tuesday in Tokyo showed the producer prices index fell 3.8 percent in March from a year earlier, more than economist estimates for a 3.4 percent decline.

Source: Bloomberg

Hong Kong Shares Rise, Taking Cues From Regional Markets

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shares finished firmer on Tuesday, taking their cue from some buoyant markets in the region while shrugging off weakness in mainland China's markets.

The Hang Seng index rose 0.3 percent, to 20,504.44, while the China Enterprises Index gained 0.4 percent, to 8,841.86 points.

Hong Kong shares drew some inspiration from bullish stocks in Japan, where main indexes rose more than 1 percent.

All main sectors in Hong Kong, with the exception of information technology stocks, ended the session in positive territory.