US futures and Asian shares are mixed while oil prices decline as some exporters opt to raise output
Summary
Asian stock markets and U.S. futures showed mixed results after a long holiday weekend in the U.S. Oil prices fell slightly after some OPEC+ members decided to increase their oil production in August. Uncertainty about oil supplies remains due to delayed talks related to the Strait of Hormuz during funeral ceremonies in Iran.Key Facts
- Asian shares and U.S. futures were mixed, with some stock indexes falling and others rising.
- Technology stocks contributed to declines in Tokyo and Seoul markets.
- OPEC+ members Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman will increase oil production by 188,000 barrels per day in August.
- This is the fifth month in a row that OPEC+ has agreed to raise oil output.
- Brent crude oil price dropped 25 cents to $71.87 per barrel; U.S. crude dropped 10 cents to $68.59 per barrel.
- Talks about reopening the Strait of Hormuz are on hold during the funeral of Iran’s Supreme Leader Ayatollah Ali Khamenei.
- Japan’s Nikkei 225 fell by 0.4%, and South Korea’s Kospi dropped by 0.8%.
- The U.S. dollar rose against the Japanese yen, trading at about 161.92 yen compared to 140 yen a year ago.
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