AFP, Hong Kong :
Oil prices resumed their downward spiral in Asia today after rallying in the previous session on bargain-buying, while the dollar recovered after plunging in New York in reaction to disappointing US retail sales data.
Most regional markets enjoyed a pick-up following recent losses, with Mumbai boosted by a surprise interest rate cut by the Reserve Bank of India and Tokyo boosted by a weaker yen.
Shanghai and Hong Kong was also supported by speculation Chinese leaders are taking measures to increase liquidity in financial markets in a bid to boost lending.
Crude enjoyed a rare five percent rally on Wednesday after plunging close to six-year lows, with analysts saying a pick-up had been expected after the commodity had crashed more than 50 percent since June.
“Just so much of the bearish news has been priced in, it’s just overdue for a correction,” said John Kilduff, founding partner at hedge fund Again Capital.
However, the two main contracts retreated again Thursday as dealers digested news that US stockpiles had risen, adding to long-running concerns about a supply glut and weak demand.
US benchmark West Texas Intermediate for February delivery lost 44 cents to $48.04 and Brent fell 59 cents to $48.10. In share trading Tokyo rose 1.84 percent, or 312.74 points, to end at 17,108.70 as the dollar recovered against the yen after taking a hit in New York, while Shanghai surged 3.54 percent, or 114.02 points, to end at 3,336.46.
Oil prices resumed their downward spiral in Asia today after rallying in the previous session on bargain-buying, while the dollar recovered after plunging in New York in reaction to disappointing US retail sales data.
Most regional markets enjoyed a pick-up following recent losses, with Mumbai boosted by a surprise interest rate cut by the Reserve Bank of India and Tokyo boosted by a weaker yen.
Shanghai and Hong Kong was also supported by speculation Chinese leaders are taking measures to increase liquidity in financial markets in a bid to boost lending.
Crude enjoyed a rare five percent rally on Wednesday after plunging close to six-year lows, with analysts saying a pick-up had been expected after the commodity had crashed more than 50 percent since June.
“Just so much of the bearish news has been priced in, it’s just overdue for a correction,” said John Kilduff, founding partner at hedge fund Again Capital.
However, the two main contracts retreated again Thursday as dealers digested news that US stockpiles had risen, adding to long-running concerns about a supply glut and weak demand.
US benchmark West Texas Intermediate for February delivery lost 44 cents to $48.04 and Brent fell 59 cents to $48.10. In share trading Tokyo rose 1.84 percent, or 312.74 points, to end at 17,108.70 as the dollar recovered against the yen after taking a hit in New York, while Shanghai surged 3.54 percent, or 114.02 points, to end at 3,336.46.
