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Oil extends rally on tight supply

Oil markets extended their rally into a sixth session, amid continued concerns over tight supply at a time when demand is picking up with the easing of COVID-19 pandemic restrictions, Reuters reported.

Brent crude futures rose 0.5%, to $79.95 a barrel, reaching its highest since October 2018 while U.S. West Texas Intermediate (WTI) crude futures climbed 0.5%, to $75.86 a barrel, hitting its highest since July.

"The market sentiment remained strong with tighter supply and recovering demand in many parts of the world," Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd told Reuters.

Asian markets grapple with Evergrande fallout

Asian shares fell as investors continued to fret over China Evergrande Group’s unsolved debt crisis and eyed the potential impact of a widening power shortage in China, Reuters.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.13% lower and Australia’s benchmark S&P/ASX200 index also fell1%, while Japan’s Nikkei was off 0.6%.

China’s blue chip index CSI300 edged up 0.1% at the open, as Hong Kong’s Hang Seng Index gained 0.44%.

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