Trading Headlines – Oil & Japan’s Nikkei

Trading Headlines – Oil & Japan’s Nikkei

Oil dipped after the biggest two-day gain since November, with the fast-spreading delta variant of the virus still clouding the demand outlook.

Futures in New York traded near $67 a barrel after advancing more than 8% over the previous two sessions. Top crude importer China has brought its latest outbreak under control, but Covid-19 continues to spread across other regions, prompting renewed restrictions on mobility. The dollar also inched higher, making commodities priced in the currency more expensive.

Japan’s Nikkei stock average erased early gains to end lower on Wednesday, as investors turned cautious ahead of U.S. Federal Reserve Chair Jerome Powell’s remarks later this week, offsetting a rebound in Toyota Motor and other related stocks.

The Nikkei share average edged down 0.03% to close at 27,724.80, while the broader Topix inched up 0.08% to 1,935.66.

The Nikkei rose as much as 0.6% earlier in the session, following an overnight solid finish of all three major U.S. stock indexes, with the S&P 500 and the Nasdaq closing at all-time highs.

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