Asian shares slipped from near three-week highs on Friday as a rally in oil prices reversed and investors remained cautious about the outlook for the global economy.
MSCI's broadest index of Asia-Pacific sh
Asian shares slipped on Friday as mounting concerns about the health of European banks further threatened a global economic outlook already under strain from falling oil prices and slowdown in China and other emerging markets.
Oil prices will stay low for years to come, derivatives markets say, keeping a lid on inflation and helping boost global growth.
Oil has more than halved in value over the last year, thanks to huge oversupply, and many oil compani
Crude prices slid on Thursday as early optimism gave way under the weight of a climbing US dollar and a persistent global overhang of physical oil.
The greenback rose on Thursday afternoon after the release of strong US economic data, m
Gold slipped to near 5-1/2-year lows on Friday and was on course for a sixth straight weekly fall, its longest retreat since 1999, after upbeat US economic data strengthened expectations for a near-term hike in interest rates.
Brent slipped below $86 and is headed for its fourth weekly loss in a row, despite climbing by almost a dollar earlier, as investors see no respite in a four-month rout sparked by ample supply and slowing demand from Europe to China.
Brent crude futures slipped further away from $93 a barrel on Tuesday and partially erased the previous session's gains, with concerns about abundant supply outweighing the positive boost to prices from the US dollar's recent weakness.
Brent futures edged down towards $109 a barrel on Monday as oil production resumed in the Gulf of Mexico after a tropical storm, while lingering concerns over the US government shutdown clouded the outlook for demand.
Brent futures slipped below $109 a barrel on Thursday, after posting their biggest gain in two weeks in the previous session, on worries a prolonged US government shutdown would hurt demand in the world's biggest oil consumer.
Gold slipped on Tuesday after four days of gains but was holding near three-week highs on hopes that physical buyers and investors will return to the market.
The metal has gained over 4 per cent in the last four sessions through M