Crude Oil Prices Ascend on OPEC+ Supply Reductions
Crude oil prices experienced an upswing, attributed to the combined impact of growing demand from China and supply cuts implemented by OPEC+. These factors outweighed concerns about potential global economic weakness and further interest rate hikes.
Additionally, Russian Energy Minister Nikolai Shulginov stated that it is feasible for oil prices to reach approximately $80 per barrel soon. He also mentioned that Russia's production of oil and gas condensate is predicted to decrease this year by roughly 20 million tonnes (400,000 barrels per day).
Brent Oil Futures saw a weekly gain of 2.4%, while Crude Oil WTI Futures experienced growth of around 2.3%.
Nikkei 225 Boosted as BOJ Maintains Policy
Japan's Nikkei 225 rose by 0.7% on Friday, closing at ¥33,70608 following indications that the Bank of Japan (BOJ) would maintain its current easy monetary policy stance rather than revising its yield curve control program as some had speculated.
Top performers included companies like Shiseido (+5%), Canon Inc (+4%) Oracle Corp (NYSE:ORCL), and others, who all experienced significant gains.
Shanghai Composite Lifts on Stimulus Hopes
The Shanghai Composite Index saw a growth of 0.6%, with the Shenzhen Composite Index rising by 1% and the Chinext Price Index increasing by 1.4% last Friday. This positive performance was driven primarily by expectations that Beijing will introduce more policy support to bolster China's economy.
This sentiment was further fueled by recent decisions made during a State Council meeting chaired by Premier Li Qiang on Friday, which aimed at expanding "effective demand," strengthening the real economy and mitigating risks in crucial areas.
While specific measures or implementation timelines were not disclosed in an official statement released through the state news agency Xinhua, market analysts anticipate additional stimulus packages in the coming weeks—including property purchase restrictions easing in major cities and targeted consumption subsidies.