Asia Markets Fall More than 1%

Shares in Asia-Pacific slipped on Monday, as oil prices fell after the Organization of the Petroleum Exporting Countries and its allies reached a deal.

In Japan, the Nikkei 225 let go of 350.34 points, or 1.3%, to 27,652.72.

The Japanese yen traded at 109.86 per U.S. dollar, stronger than levels above 110.4 seen against the greenback last week.

In Hong Kong, the Hang Seng plummeted 514.9 points, or 1.8%, to 27,489.78.

Shares of oil firms in Asia-Pacific also declined on Monday, with Santos in Australia falling 2.7%. Japan’s Inpex dropped 2%, while Japan Petroleum Exploration plunged 2.4%. CNOOC shares in Hong Kong slipped 1.7%.

OPEC and its allies reached a deal on Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022. Coordinated increases in oil supply from the group — collectively known as OPEC+ — will start in August, OPEC said in a statement.

The Australian dollar changed hands at $0.737 lower than levels above $0.748 seen last week.

In other markets

In Shanghai, the CSI 300 nicked ahead 18.73 points, or 0.4%, to 5,113.50.

In Singapore, the Straits Times Index faded 41.1 points, or 1.3%, to 3,111.20

The Kospi index in Korea dropped 32.87 points, or 1%, to 3,244.04.

In Taiwan, the Taiex index slumped 106 points, or 0.6%, to 17,789.25

In New Zealand, the NZX 50 dipped 21.06 points, or 0.2%, to 12,652.09

In Australia, the ASX 200 lost 62.14 points, or 0.9%, to 7,285.98.