Futures for Brent crude oil went down by 9 cents from their previous close and settled at $73.69 a barrel. Futures for U.S. West Texas Intermediate crude declined by 7 cents closing at $68.22 per barrel.
Despite the decline on Friday, prices of oil kept high thanks to the crude production cuts spearheaded by OPEC reduced inventories. The Organization of the Petroleum Exporting Countries has been cutting down the production of crude since 2017 to curb a global oversupply. The production cuts had successfully managed to pull the prices of Brent and West Texas Intermediate to their highest level since late 2014 earlier this week.
Asian stocks went down on Friday as technology stocks Wall Street lost their momentum and crossed to the red territory. Japan’s Nikkei 225 index went down by 0.25 percent as semiconductor companies went down while financials and utilities went up. The Kospi index of South Korea lost 0.34 percent. The Hang Seng Index of Hong Kong went down by 0.39 percent. Markets in the mainland dropped harder with the Shanghai composite going down by 1.2 percent. The S&P/ASX 200 index of Australia went down by 0.21 percent.
Shares for Takeda Pharmaceutical – the largest pharmaceutical company in Japan and Asia and the top 15 pharmaceutical company in the world – went down by 3.59 percent following news that Shire, had declined its offer for acquisition. In addition, the chairman of China Huarong Asset Management – the biggest financial asset management company in China – had stepped down from its board which resulted in the company's shares dropping by 9.12 percent.