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Oil
prices slipped after OPEC+ announced Sunday that seven of its
members plan to expand oil production by a combined total of
188,000 barrels per day in August. It was the fifth consecutive
month OPEC+ members have agreed to raise output.
The countries increasing their output are Saudi Arabia, Russia,
Iraq, Kuwait, Kazakhstan, Algeria and Oman.
Uncertainty over supplies persists as talks with Iran aimed at
fully reopening the Strait of Hormuz appear to be on hold during
funeral ceremonies for Ayatollah Ali Khamenei, which will
continue for several days.
In energy trading Monday, Brent crude, the international
standard, lost 2 cents to $72.10 a barrel. U.S. benchmark crude
gained 20 cents to $68.89 a barrel.
Japan’s Nikkei 225 lost 0.3% to 69,568.27. Tech giant SoftBank
Group Corp. declined 3.3%, while computer chipmaker Tokyo
Electron shed 1.0%.
South Korea’s Kospi dipped 0.7% to 8,033.16.
In Hong Kong, the Hang Seng gained 0.8% to 23,540.58, while the
Shanghai Composite index inched down less than 0.1% to 4,042.08.
Australia’s S&P/ASX 200 fell 0.2% to 8,831.00.
In currency treading, the U.S. dollar rose to 162.08 Japanese
yen from 161.34 yen. A year ago, the dollar was trading at 140
yen levels. The euro cost $1.1425, down from $1.1440.
Markets in the U.S. were closed on Friday, July 3, for the
Independence Day holiday. This year, July 4th fell on a
Saturday.
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