- Shares in Asia-Pacific fell on Monday.
- Investors watched for movements in oil after OPEC and its allies reached a deal on Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022.
- In the afternoon of Asia trading hours on Monday, international benchmark Brent crude futures slipped 1.35% to $72.60 per barrel. U.S. crude futures also declined 1.42% to $70.79 per barrel.
SINGAPORE — Shares in Asia-Pacific slipped on Monday, as oil prices fell after OPEC and its allies reached a deal.
In Hong Kong, the Hang Seng index led losses among the region's major markets, closing 1.84% lower at 27,489.78.
Australian stocks also declined as the S&P/ASX 200 dropped 0.85% to close at 7,286.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.39%.
Oil prices fall after OPEC+ deal
Shares of oil firms in Asia-Pacific also declined on Monday, with Santos in Australia falling 2.71%. Japan's Inpex dropped 1.98%, while Japan Petroleum Exploration plunged 2.35%. CNOOC shares in Hong Kong slipped 1.72%.
OPEC and its allies reached a deal on Sunday to phase out 5.8 million barrels per day of oil production cuts 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 Brent surged more than 40% so far in 2021, with demand for crude rising as the global economy recovers from the pandemic.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.902 following a recent climb from below 92.4.
The Japanese yen traded at 109.86 per dollar, stronger than levels above 110.4 seen against the greenback last week. The Australian dollar changed hands at $0.737 lower than levels above $0.748 seen last week.
Clarification: This article was updated to reflect that OPEC and its allies reached a deal on Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022.