Stocks in China drop on US oil waiver report

Monday, 22. April 2019 08:27

Asian equities were under pressure on Monday on fears about a possible disruption in the deliveries of crude. Anonymous sources from the United States government have told the media that it would abolish sanctions waivers for Iranian oil as of May 2. China, India, Turkey, Japan and South Korea have been allowed to import the commodity after the punitive measures were reimposed and sharpened in early November. Prices of West Texas Intermediate and Brent for shipment in June hit $65.98 and $74.31 per barrel, respectively, levels unseen in almost six months, since before full sanctions were rolled out.

The Nikkei 225 stock index was looking to finish 0.08% up at 8:00 am CET. The Shanghai Composite dropped 1.36% at 8:10 am CET and the Shenzhen Composite declined 1.04%. The South Korean Kospi advanced a modest 0.11%.

The dollar was flat at ¥111.906 at 8:25 am CET and gained 0.18% to 6.71416 offshore Chinese yuan. Gold rose 0.21% to $1,278.42 per ounce.

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