HONG KONG: Energy firms rose in Asian trade Thursday tracking the previous day’s surge in oil prices while investors judged Hillary Clinton to have won the final presidential debate with Donald Trump.
The US energy department said crude inventories fell almost twice as much as expected last week, fanning hopes about demand in the world’s top economy and sending both main oil contracts rallying more than two percent.
The report was the latest positive news for the oil market, which has been rallying since OPEC last month agreed to cut output in a bid to address a global glut.
While oil dipped Thursday, the previous day’s gains provided support to energy companies across Asia, with Hong Kong-listed CNOOC up more than two percent and PetroChina three percent higher. In Sydney, BHP Billiton added 1.7 percent and Japan’s Showa Shell Sekiyu gained 0.8 percent.
However, regional markets were unable to hold early gains as investors cashed out.
Tokyo closed 1.4 percent higher, while Hong Kong ended up 0.3 percent and Sydney gained 0.1 percent.
But Shanghai and Seoul each closed slightly lower while Singapore slipped 0.2 percent in the afternoon.
In early European trade, London dipped 0.2 percent but Frankfurt and Paris each rose 0.2 percent.
In forex trade the Mexican peso rose against the dollar after the final US presidential debate between market favourite Clinton and her Republican opponent Trump.
Trump has repeatedly said he will tear up a free-trade agreement with Mexico, build a wall between the two countries and remove illegal immigrants, initially hitting the peso on fears for the country’s economy.
