Oil Prices slipped as the United Arab Emirates pushed back against a plan by the OPEC oil cartel and allied producing countries to extend the global pact to cut oil production beyond April 2022. Benchmark U.S. crude oil CLQ21 lost 11 cents to $75.05 per barrel in electronic trading on the New York Mercantile Exchange.
Oil Prices shed 7 cents on Friday to $75.16 per barrel. Brent crude BRNU21, the international standard, gave up 8 cents to $76.09 per barrel. One of the group’s largest oil producers, the UAE is seeking to increase its output setting up a contest with ally and OPEC heavyweight Saudi Arabia, which has led a push to keep a tight lid on production.
The combined OPEC Plus grouping of members led by Saudi Arabia and non-members, chief among them Russia, failed to reach an agreement Friday on oil output. Negotiations over the dispute are set to resume Monday. Worries remain across Asia about rising coronavirus cases as outbreaks of new infections overtake vaccination efforts. In Thailand and Indonesia, local authorities have reported record-high new cases.Tokyo’s Nikkei 225 NIK lost 0.6% and the Hang Seng HSI in Hong Kong declined 0.5%. The Shanghai Composite index SHCOMP gained 0.2% and South Korea’s Kospi 180721 picked up 0.4%. In Australia, the S&P/ASX 200 XJO edged 0.1% higher. Stocks dipped in Indonesia JAKIDX but gained in Singapore STI and Taiwan Y9999.
China announced that Chinese ride-hailing service Didi would be removed from app stores in the country in the latest blow after its shares began trading in New York on June 30. Shares were mixed Monday in Asia in quiet trading, with U.S. markets set to be closed for observance of Independence Day.Tokyo and Hong Kong declined while most other regional markets advanced. U.S. futures edged lower after Wall Street capped a milestone-shattering week Friday. The stock indexes hitting more record highs as investors welcomed a report showing the nation’s job market was even stronger last month than expected.