Asian markets traded mixed early Wednesday, as a drop in oil prices and a mixed reaction to a slew of earnings in Sydney offset an inspiring lead from Wall Street.
Brent crude and WTI prices slipped on Tuesday after the International Energy Agency (IEA) warned that oil prices may decline as oil stocks held by countries in the Organization for Economic Cooperation and Development continue to increase. U.S. crude futures closed down $2.84 at $50.02 a barrel, while Brent crude fell about $2 to $56 a barrel, ending a three-day rally.
Overnight, U.S. stocks finished higher on hopes of a resolution in the Greek debt negotiations, as well as better-than-expected revenues from Coca-Cola. The Dow Jones Industrial Average closed up 0.8 percent, with Coca-Cola leading gains after posting earnings of an adjusted 44 cents per share for the fourth quarter, two cents above estimates. The S&P 500 added 1 percent, while the tech-heavy Nasdaq finished 1.3 percent higher.