SINGAPORE — Shares in Asia-Pacific were set for lower start on Monday, as markets watched oil prices after OPEC and its allies reached a deal.
Futures pointed to a lower open for Japanese stocks. The Nikkei futures contract in Chicago was at 27,680 while its counterpart was at 27,710. That compared against the Nikkei 225’s last close at 28,003.08.
Australian stocks also looked poised for a lower open. The SPI futures contract was at 7,232.0, against the S&P/ASX 200’s last close at 7,348.10.
Investors will watch for movements in oil markets on Monday. OPEC and its allies reached a deal on Sunday to phase out 5.8 million barrels per day of oil production by September 2022. Coordinated increases in oil supply from the group — collectively known as OPEC+ — will start in August, OPEC said in a statement.
The development came as international benchmark Brent crude futures surged more than 40% so far in 2021, with demand for crude rising as the global economy recovers from the pandemic.