Asia's Markets Shaken by Oil Price Surge Near $100 Barrel
Asian stock markets traded cautiously on Wednesday as investors monitored interest rate decisions and rising oil prices. Japan's Nikkei 225 was nearly unchanged at 65,249.95, while South Korea's Kospi gained 1.2% to 7,041.10.
In Hong Kong, the Hang Seng dipped 0.1% to 25,287.99, and in Australia, the S&P/ASX 200 slipped 0.2% to 8,903.20. Taiwan's Taiex edged 0.2% higher, but India's Sensex shed 0.7%.
The price of Brent crude, an international benchmark, surged 1.4% to $99.30 a barrel, with U.S. crude rising 1.2% to $94.17. The sharp increase in oil prices has worsened concerns about high inflation and is putting pressure on markets.
Next week's interest rate decisions from the Federal Reserve and Japan's central bank are highly anticipated, with investors expecting a possible hike in rates. However, President Donald Trump has been lobbying for lower interest rates.