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Asian stocks rise after oil falls, Wall Street advances

Asian stocks rise after oil falls, Wall Street advances

Benchmarks in Tokyo, Shanghai and Hong Kong all gained.Markets steadied following a decline Tuesday in crude prices that spiked after a weekend attack on a Saudi soil facility. The Saudi oil minister said half of production that was cut already had been restored, reports AP.

“Concerns surrounding elevated oil prices have eased,” said Mizuho Bank in a report.

The Shanghai Composite Index advanced 0.4% to 2,991.87 and Tokyo’s Nikkei 225 added 11 points to 22,012.82. Hong Kong’s Hang Seng was up 7 points at 26,794.33.

Investors were looking ahead to a possible decision Wednesday by the US Federal Reserve to cut its benchmark interest rate by another quarter point following a reduction in July that was its first in a decade.

Wall Street gained after the Federal Reserve Bank of New York took the unusual step of injecting $53 billion into markets to ease tight credit conditions that were putting upward pressure on interest rates.

Investor worries about the US-Chinese tariff war were temporarily overshadowed by the weekend attack on oil producer Saudi Aramco’s facility in Abqaiq.