Oil falls more than 3% in mixed Asia-Pacific trading day
SINGAPORE — Shares in Asia-Pacific were mixed in Thursday morning trade as oil prices fell sharply.
U.S. President Joe Biden’sAccording to NBC News, a source revealed that administration has been considering a plan for releasing about 1 million barrels of oil daily from strategic petroleum reserves over six months. Volatility in oil markets has caused a spike in prices worldwide since Russia invaded Ukraine over a month back.
MSCI’s Asia-Pacific broadest index, which is not based on Japan, traded at 0.1% more.
China will publish its March official manufacturing Purchasing Management Index at 9:30 a.m. HK/SIN. China Beige Book conducted an independent survey before releasing the data. showed China’s factories were hit harder in the first quarter than last year.
Overnight stateside, the S&P 500 declined 0.63% to 4,602.45. The Dow Jones Industrial lost 65.38 Points, or 0.9%, to 35.228.81. Tech-rich Nasdaq Composite fell 1.21%, to around 14,442.28.
The U.S. dollar indexThe indices that track the greenback in relation to a basket of peers were at 97.78 on Wednesday as the currency struggled to recover from a drop above 99 levels earlier in the week.
The Japanese yenThe dollar traded at $122.29, which is still higher than the levels of 124 against it earlier in this week. The Australian dollarIt was trading at $0.7506, but had largely traded between $0.747 to $0.753 thus far in this week.