Oil gains continue as investors push Asian markets lower

Oil prices posted modest gains on Tuesday, March 31, following a sharp move in the previous session that saw US crude futures settle above $100 per barrel for the first time since July 2022, according to CNN report.

Brent crude, the international benchmark, rose by 0.23% to $113.04 per barrel as of 12:02 a.m. ET. Meanwhile, West Texas Intermediate (WTI) edged up 0.04% to $102.92 per barrel.

Despite the uptick in oil prices, equity markets across Asia moved lower during Tuesday morning trading, reflecting investor anxiety over a prolonged conflict and the risk of a deepening energy crisis.

Japan’s benchmark Nikkei 225 declined by 1% as of 11:56 a.m. local time. South Korea’s Kospi recorded a sharper drop of 3.1%, while Hong Kong’s Hang Seng Index fell by 0.5%.

By Tamilla Hasanova