SINGAPORE — Shares in Japan looked set for a lower start on Monday as oil prices surge, with the ongoing Russia-Ukraine war continuing to weigh on investor sentiment globally.
The Nikkei futures contract in Chicago was at 25,645 while its counterpart in Osaka was at 25,870. That compared against the Nikkei 225’s last close at 25,985.47.
Over in Australia, the S&P/ASX 200 slipped 0.14% in morning trade.
Oil prices soared in the morning of Asia hours on Monday, with international benchmark Brent crude futures up 9.11% to $128.77 per barrel. U.S. crude futures also surged 8.62% to $125.62 per barrel.
The sharp rise in oil prices, which already recently spiked, came after U.S. Secretary of State Antony Blinken said Sunday Washington and its allies are considering banning Russian oil and natural gas imports.
Looking ahead, China is set to announce its February trade data at 11:00 a.m. HK/SIN on Monday. The country announced Saturday a gross domestic product growth target of about 5.5% for 2022.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 98.901 — having risen recently from levels below 97.6.
The Japanese yen traded at 114.90 per dollar, after strengthening sharply late last week from levels above 115.20 against the greenback. The Australian dollar was at $0.7369, following a general upward trek last week from below $0.72.
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