Asian Stocks Trade Mixed Amid Rebounding Oil Prices
Asian stock markets traded mixed on Monday as oil prices rebounded from last week's dip. The Nikkei 225 in Japan remained relatively flat, dipping just under 0.1% to 66,333.53. In contrast, the S&P/ASX 200 in Australia rose 0.3% to 8,688.60.
The Hang Seng in Hong Kong increased by 0.7% to 24,684.09, while the Shanghai Composite lost 1.7% to 3,820.82. The Kospi in South Korea dropped 2.3% to 6,916.30.
In energy trading, U.S. crude oil prices rose 1% to $93.33 a barrel, and Brent crude, the international standard, increased by 1.8% to $106.19 a barrel. The price volatility is attributed to uncertainty surrounding the war with Iran and its impact on oil flow from the Middle East.
On Wall Street, the S&P 500 broke a three-day losing streak, adding 0.5% to 7,743.41. The Dow Jones Industrial Average jumped 478 points, or 0.9%, while the Nasdaq composite climbed 0.5%.