In Hong Kong the Hang Send rallied 0.6%, the Nikkei 1.2%. The Nikkei rebound apporached a near two-week high.
Some concern among investors about Beijing possibly withdrawing support for its markets didn't help things as The Shanghai Index dropped for the second day in a row, down 2.8% on Wednesday following a 6.4% fall on Tuesday.
MarketWatch reports oil prices overnight backed off as signs of any cutbacks from producers apparently dissipated.
Crude oil prices pared earlier gains in Asia trade Wednesday as anxiety over an expanding global glut outweighed market speculation that large producers might be more willing to trim output to support prices.
Prices rose overnight by around 4% after Iraq’s oil minister said at an energy conference that he sees signs that Saudi Arabia and Russia are more “flexible” on supply cuts. But doubts over the likelihood of a collective cut happening anytime soon.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March CLH6, -1.43% traded at $30.85 a barrel, down $0.38, or 1.2%, in the Globex electronic session. March Brent crude LCOH6, -0.69% on London’s ICE Futures exchange fell $0.19, or 0.6%, to $31.61 a barrel.
For almost two years, oil prices have been depressed as large oil producers, both in and outside of the Organization of the Petroleum Exporting Countries, have refused to cut output to maintain market share. OPEC officials have said they are unwilling to curb production unless their non-OPEC rivals, such as Russia, Mexico, and U.S were also on board.
“We consider the likelihood of any agreement between these parties as extremely low,” ANZ Research said in a note.
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