Tuesday, 16 May 2017

Asian markets mixed following 2% jump in oil prices

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Asian markets were mixed in Tuesday trade, following the bounce in oil prices after the energy ministers of Russia and Saudi Arabia announced output cuts should be extended till March 2018 and as investors largely shrugged off US political news on President Donald Trump.

US West Texas Intermediate crude jumped more than 3 percent during the session yesterday following the news. Saudi Arabia and Russia are the world's top two oil producers.

US crude gained 0.55 percent to trade at USD 49.12 a barrel while Brent crude added 0.44 percent to trade at USD 52.05.

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