Oil oversupply 'may ease' by 2017, OPEC says
Oil prices were trading higher amid growing expectations that Opec was close to forming a deal to curb production Reuters

While Asian stock market indices were trading mixed on Monday (21 November), the Shanghai Composite was up 0.78% at 3,217.55 as of 5.11am GMT. This followed an easing in the strength of the US dollar and a surge in oil prices.

The US dollar index, a measure of the value of the American currency relative to a basket of foreign currencies was at 101.29 as of 12.02am EST. It was much lower than the multi-year high of 101.48 it touched last week.

Analysts said the decline was amid markets having already factored in the effect of Donald Trump winning the US elections and the increased chances of a rate hike. "The dollar rally is probably running out of steam as the market seems to have fully priced-in the 'Trump effect' and an impending December rate hike," Margaret Yang, market analyst at CMC Markets, was quoted as saying by CNBC.

Indices in the region were trading as follows at 5.22am GMT:

Hong KongHang Seng Index22,365.77Up0.10%
JapanNikkei 22518,104.95Up0.77%
South KoreaKOSPI1,971.82Down0.14%
AustraliaS&P/ASX 2005,351.30Down0.15%

The FTSE 100 closed 0.28% lower at 6,775.77 on 18 November, while the Dow Jones Industrial Average closed lower by 0.19% at 18,867.93.

Among commodities, oil prices were trading higher. According to Reuters, this was amid growing expectations that the Organization of the Petroleum Exporting Countries (Opec) was close to forming a deal to curb production. As of 5.29am GMT, Brent Crude was trading higher by 1.43% at $47.53 (£38.51) a barrel, while WTI crude oil was trading 1.38% higher at $46.32 a barrel.