Asia shares weaker, oil up as investors weigh Saudi-Houthi escalation
SPY•Asian shares slipped as oil rose with a storm heading for the Gulf of Mexico and Saudi-Houthi tensions escalating. U.S. crude gained 1.05% to $90.38 a barrel, while Brent rose 1.06% to $101.65.
1. Asian shares ease
MSCI’s broadest index of Asia-Pacific shares excluding Japan fell 0.3% on Wednesday, while Japan’s Nikkei dropped 0.86% and Hong Kong’s Hang Seng lost 0.63%. Australian shares were flat. The S&P 500 and Nasdaq had closed at record highs, rising about 0.6% and 0.45%, respectively.
2. Oil prices rise
U.S. crude rose 1.05% to $90.38 a barrel in Asian trading, and Brent gained 1.06% to $101.65. Investors weighed supply constraints from a storm heading toward North American oil-producing regions and Houthi attacks on Saudi Arabia against increased Middle East crude supplies.
