Storage tanks and oil processing facilities operate beside the Arabian Sea at Saudi Aramco’s Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018. The upcoming OPEC+ meeting in Vienna will result in an oil production cut “of some historic kind”, said CIO of Pickering Energy Partners, Dan Pickering.
Simon Dawson | Bloomberg | Getty Images
Asia-Pacific markets are mixed after Saudi Arabia and Russia extended voluntary oil production cuts to the end of the year.
Saudi Arabia will extend its cut of 1 million barrels per day until the end of December, while Russia will reduce its oil exports by 300,000 barrels per day.
Brent crude futures settled at $90.04 a barrel, closing above the $90 mark for the first time since November. U.S. West Texas Intermediate crude futures traded near $86.87 a barrel, also a 10-month high.
In Australia, the S&P/ASX 200 lost 0.43%, after the country recorded a 2.1% growth in its second-quarter gross domestic product, slightly higher than expectations from economists polled by Reuters.
Japan’s Nikkei 225 rose 0.53%, while the Topix was up 0.54%. Separately, South Korea’s Kospi was down 0.42%, but the Kosdaq climbed 0.47%.
Hong Kong’s Hang Seng index slipped 0.54%, extending losses from Tuesday. Mainland Chinese markets also fell, with the CSI 300 dropping 0.45%.