Most world stocks rise after Fed minutes; oil rally fades


The Nikkei 225 stock index in Tokyo climbed 0.4 percent to 19,821.44 and Hong Kong's Hang Seng jumped 0.7 percent to 25,598.44.

Investors saw the fighting in Marawi City as a security issue.

"Today the bottom evaporated from the market", he said.

More than 20 OPEC and non-OPEC countries, in November 2016, agreed to collectively cut production by 1.8 million barrels a day in an effort to reduce the global supply glut that stalled crude oil prices.

In the currency market, sterling fell 0.5 per cent to $1.288, its biggest one-day slide in over three weeks, after a YouGov poll showed Britain's opposition Labour Party had reduced the lead of Prime Minister May's Conservatives to five points, less than a fortnight before a national election.

Al-Falih said that the cuts had managed to draw down inventories.

The FTSE started trading 0.17 percent higher at 7,525; the DAX opened up by 0.42 percent at 12,693; and the CAC was higher by 0.37, opening at 5,361. The move also highlights heightened volatility in the oil market.

United States crude prices were flat at $48.88 on Friday, after losing 4.8 percent overnight, and were set to end the week 2.8 percent lower.

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More than 400 oil rigs are now working US shale fields - an increase of more than 120 percent compared with a year ago.

Ann-Louise Hittle, vice president at energy consultancy Wood Mackenzie said the "decision in Vienna sends a signal of continued support for oil prices from OPEC which helps US onshore drillers make plans" to further increase their production.

Gary Ross, head of global oil at PIRA Energy, a unit of S&P Global Platts said yesterday that Russian Federation and Saudi Arabia will be the biggest supporter of the oil production cut down because they have some huge events coming on the way in near future.

The dollar index, which tracks the greenback against a basket of six major peers, was flat to stand poised for a 0.1 per cent gain for the week.

USA unemployment data that showed a tightening labor market was offset by a widening goods trade deficit in April and news of declining inventories, prompting analysts to pare their second-quarter economic growth estimates.

Spot gold was up 0.1% at $1,257.01/oz by 4.11am GMT.

In the wider markets, Asian stocks slipped on Friday with MSCI's broadest index of Asia-Pacific shares outside Japan, which closed at a two-year high on Thursday, falling 0.2 percent. Japan's Inpex lost 2.1 percent while Australia's Woodside Petroleum Ltd. fell 2.5 percent.

The Australian dollar eased 0.1 per cent to $0.7447, staying on the defensive after shedding 0.7 per cent on Thursday.