Asian shares were mixed Tuesday as oil prices surged after a meeting of oil producing nations was postponed, and little else guided markets after the U.S. Independence Day holiday.
Benchmarks in Japan and South Korea rose, while those in China and Australia declined.
Investors have been trimming holdings of Chinese technology company shares as Beijing tightens oversight of the industry.
Talks among members of the OPEC cartel and allied oil producing countries have broken off in the midst of a standoff with the United Arab Emirates over production levels.
Japan’s benchmark Nikkei 225 edged up 0.2% to 28,666.38. South Korea’s Kospi added 0.3% to 3,302.59. Australia’s S&P/ASX 200 fell 0.7% to 7,264.00. Hong Kong’s Hang Seng lost 0.3% to 28,062.49, while the Shanghai Composite slipped 0.7% to 3,515.88.
In energy trading, U.S. benchmark crude rose $1.55 to $76.71 a barrel. Brent crude, the international standard, added 31 cents to $77.47 per barrel.
“Higher energy costs could fan inflationary stresses and add to the case for global central banks to temper emergency stimulus in the months ahead,” Harpreet Bhal of ActivTrades said in a commentary.
