Asia-Pacific markets were set to fall on Friday, tracking declines on Wall Street overnight.
The Dow Jones Industrial Average fell 313.26 points to 34,715.39 on Thursday, closing below its 200-day moving average for the first time since December 2021. The S&P 500 fell 1.1% to 4,482.73 and closing below 4,500 for the first time since October 2021.Oil prices fell on Thursday after spiking to their highest since 2014 on Wednesday, as supply concerns were soothed.
"The rally in crude oil took a breather after US crude stockpiles rose modestly," wrote ANZ Research analysts Brian Martin and Daniel Hynes in a Friday note. "Despite this, demand remains strong ... The pause in prices was also driven by reports the US is planning to accelerate the release of strategic reserves. However, this will be overshadowed by ongoing supply constraints globally," they said.
On Friday morning during Asia hours, oil prices continued to decline. U.S. crude fell about 1.61% to $84.17 per barrel., which tracks the greenback against a basket of its peers, was at 95.770, lifting from earlier levels above 95.6.
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