Asian markets: traders were still anxious about crude oil prices, preferring more stable bonds
Bearish tactics dominated Asian stock markets on April 22. Traders were still anxious about crude oil prices, preferring more stable bonds.
MSCI’s Asia-Pacific index for shares outside Japan dropped by 1%. Yet soon after it negated all the losses and gained 0.4% on top of it. At the same time Nikkei dropped by 0.7%.
Crude prices went down once more. Experts believe, that the crisis will continue until the market sees a noticeable increase in demand - before that happens, traders will still be anxious about getting any more oil and overloading the storage facilities.
Any profits for the US producers are currently highly unlikely. Middle Eastern producers might bring home the minimal earnings, yet at a macro level the market will remain in the red.
Brent futures lost 14.3% and reached to US$16.57 for a barrel. The index lost 40% in two days. US June crude futures lost 4.7% and reached US$11.03 for a barrel.