Asia-Pacific stocks set to slip; OPEC and allies reach deal

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Asia-Pacific stocks set to slip; OPEC and allies reach deal

SINGAPORE — Shares in Asia-Pacific slipped in Monday morning trade, as markets watched oil prices after OPEC and its allies reached a deal. The in Japan dropped 1.1% in early trade while the Topix index shed 0.86%. South Korea's fell 0.73%. Australian stocks also declined as the edged 0.5% lower. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.27% lower. OPEC and allies reach deal Investors watched for movements in oil markets on Monday. OPEC and its allies reached a deal on Sunday . Coordinated increases in oil supply from the group — collectively known as OPEC+ — will start in August, OPEC said in a statement. The development came as international benchmark surged more than 40% so far in 2021, with demand for crude rising as the global economy recovers from the pandemic. In the morning of Asia trading hours, Brent slipped 0.84% to $72.97 per barrel. also declined 0.78% to $71.25 per barrel. Shares of oil firms in Asia-Pacific also declined in Monday morning trade, with in Australia falling 0.58%. Japan's dropped 2.22%, while plunged 3.14%. Currencies The , which tracks the greenback against a basket of its peers, was at 92.656 following a recent climb from

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