Southeast Asian stock markets were subdued on Friday after an agreement by OPEC and allied partners to extend existing supply curbs disappointed investors betting on larger cuts, prompting a move away from riskier assets.
The Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to extend a pledge to cut production to March 2018 but investors had expected a longer and/or deeper supply cut.
Crude oil plunged 5% following the announcement on Thursday, and held its losses early on Friday.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2% after closing at a two-year high on Thursday.
News extracted from : bangkokpost.com/business/news/…after-opec-disappointment
Worldoils Oil and Gas News
The Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to extend a pledge to cut production to March 2018 but investors had expected a longer and/or deeper supply cut.
Crude oil plunged 5% following the announcement on Thursday, and held its losses early on Friday.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2% after closing at a two-year high on Thursday.
News extracted from : bangkokpost.com/business/news/…after-opec-disappointment
Worldoils Oil and Gas News