Asian stocks traded higher early Wednesday, overlooking a drop in crude oil prices in early Asian trading, while traders digest a raft of earnings releases in Tokyo and Sydney.
U.S. crude futures fell more than 2 percent, after a tumbling U.S. dollar had pushed up prices by about 19 percent over the last four sessions. Analysts are divided on whether the rebound this week indicates a bottom for oil markets, which have been battered by a seven-month long rout.
“I think we’ve seen the lows for the year, even though the cutting down of capex and oil rigs may take 6 months to 2 years before supply tightens,” Daniel Morgan, global commodities analyst at UBS, told CNBC’s “The Rundown.” “Financially, oil prices have been sold off too aggressively so it’s poised for a comeback now.”
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