Asian market reached one month highs

On Thursday, Asian shares climbed to a one month high on track for their finest yearly market performance since the year 2009. MSCI’s largest index in Asia Pacific shares out of Japan .MIAPJ0000PUS edged up 0.1 percent to 563.86 points, reaching levels last seen in late November. So far, the index rose 32 percent throughout the year. The MSCI world equity index, which monitors shares in 47 countries, almost hit a record high surging 21.5 percent throghout the year as a whole.

Japan’s Nikkei 225 rose 0.18 percent, or 40.85, to 22,952.06; the Hang Seng Index .HSI increased by 0.61 percent, adding 180.10 point to 29,776.95. The KOSPI of Korea rose 0.59 percent.

In the gold market, the prices of the precious metal were on the rise. Spot gold XAU= floated within range of a four week highs closing at $1,289.5 an ounce.

Oil prices hit a record high on a tight market

U.S. West Texas Intermediate (WTI) crude futures closed at $59.69 per barrel at 0134 GMT, adding 5 cents to its value. WTI went over $60 per barrel earlier within the week, reaching the price range the first time since June of 2015. Brent crude futures reached $66.50 per barrel, gaining 6 cents. Brent topped $67 this week, reaching levels last seen on May of 2015.

As stated by traders, the steep prices were caused by the tight market following a year of supply cuts led by the OPEC and the non OPEC country such as Russia. The supply cuts began last January and are expected to cover the whole year of 2018.

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