Asian shares rise after OPEC+ deal, oil extends gains

Asian shares rose cautiously on Thursday, while the dollar eased ahead of US non-farm payrolls data and oil prices gained for a fourth day after deep production cuts pledged by OPEC+ members.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4% in early Asian trade as US futures gained. The index rose 4% this week after a 13% drop in September. Japan's Nikkei stock index rose 0.7% to its highest level since September, while South Korea rose 1.2% and Australia 0.1%. Hong Kong's Hang Seng index fell 0.5%. S&P 500 futures gained 0.6% and Nasdaq futures gained 0.9%, building on a late rebound in US equities that helped limit earlier losses. The S&P 500 ended Wednesday 0.20% lower and the Nasdaq Composite 0.25% lower. Chinese mainland markets are closed for a holiday. The Refinitiv Asia Energy index rose 0.7% after the Organization of Petroleum Exporting Countries and its allies agreed to the deepest cut in oil production since the start of the COVID-19 pandemic, reducing supply in an already tight market. Oil prices rose for the fourth day in a row, reaching their highest level since mid-September. Brent crude futures rose 0.6% to $93.9 a barrel, while US West Texas Intermediate (WTI) crude futures rose 0.6% to $88.26 a barrel. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!