Asian markets DIP after dealing with oil cutting production


The stake is mainly lower than the second in Asia, while the price of crude oil has reached over $1 per barrel after OPEC and other countries have agreed to produce producers to cut output to reflect the collapse of the demand due to the epidemic.

Just hours before the market reopened, OPEC, Russia and other oil producers have completed an unprecedented production cut of nearly 10 million barrels, or one-tenth supply globally, seeking to promote stab prices and end a price war.

American Crude Benchmarking
CLK20,
+ 1.58%

Jumping 80 cents to 23,60 per barrel in electronics trading

On the New York Mercantile Exchange trading platform. It has dropped $2.33, or 9.3%, to $22.76 per barrel on Thursday, before the Good Friday holiday.

Brent
BRNM20,
+ 0.38%
,
International standard on price, adding $1.17 to $32.65 per barrel.

The group of countries agreed on a video conference at the end of Sunday to cut 9.7 million barrels a day starting 1 May. Mexico originally blocked this agreement. The Iranian minister of oil also said that some Middle Eastern countries have agreed to an additional 2 million cut barrels a day.

Analysts said the cuts were not enough to compensate for the void in demand due to business and off-travel machines due to the coronavirus. But the least deal helped to solve a price war that made us crude to nearly $20/barrel, pummeling American oil and gas producers.

In sharing trading

, Japan Nikkei 225
Nik
-2.33%

It took 2.3% to…

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