Oil prices soared more than 5% on Monday after Saudi Arabia and other major oil producers said they will cut production by 1.15 million barrels per day from May until the end of the year. Shares in Asia were mixed.
A person walks in front of an electronic stock board showing Japan's Nikkei 225 and New York Dow indexes at a securities firm Monday, April 3, 2023, in Tokyo. Oil prices soared more than 5% after Saudi Arabia and other major oil producers said they will cut production by 1.15 million barrels per day from May until the end of the year. Shares in Asia were mixed on Monday and the dollar rose against the Japanese yen.
The cuts in oil output immediately pushed prices higher and were expected to boost gas prices, adding to strains in many countries where high fuel prices are a heavy burden. Higher oil prices also will complicate the efforts by central banks to“This will create both political waves across Europe and even higher general inflation in the USA, leading to renewed pressure on the Federal Reserve to keep hiking rates aggressively,” Clifford Bennett, chief economist at ACY Securities, said in a report.
The future for the S&P 500 slipped 0.2% while the contract for the Dow Jones Industrial Average gained 0.3%.by the Bank of Japan showed business sentiment among big Japanese manufacturers falling in the first quarter of this year. The headline measure of the “Tankan” showed positive sentiment falling to 1 from 7 in December, the worse quarterly result since since December 2020.
“With global growth set to remain weak in the coming quarters, we expect manufacturing output in Asia to remain under pressure,” Shivaan Tandon of Capital Economics said in a commentary.
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