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Asian shares make gains as oil price concerns | |
(about 7 hours later) | |
Asian shares rose on Tuesday despite another fall in oil prices overnight after Iran said it planned to increase exports once international sanctions are removed. | |
The price of US crude oil dropped more than 3% overnight, while Brent crude hovered near 11-year lows before stabilising. | |
Japan's Nikkei 225 index erased earlier losses to close up 0.6% to 18,982.23. | |
Oil prices are expected to continue to weigh on energy shares in the region. | |
Iran intends to increase exports by 500,000 barrels per day once the economic sanctions are removed, according to reports. | Iran intends to increase exports by 500,000 barrels per day once the economic sanctions are removed, according to reports. |
That would add to the global supply of oil, which has fallen in value by more than two-thirds since September 2015 on falling demand from China, the world's second largest economy and largest consumer of commodities. | |
Toshiba's restructuring | Toshiba's restructuring |
Elsewhere, shares in Toshiba rose by 2.7% on reports that the struggling electronics giant plans to ask for an additional $2.5bn (£1.7bn) in credit to fund its large-scale restructuring. | |
The company is reeling from a $1.3bn accounting scandal earlier this year. | The company is reeling from a $1.3bn accounting scandal earlier this year. |
Chinese shares headed higher with the Shanghai Composite up 0.9% to 3,563.74, while Hong Kong's Hang Seng index was higher by 0.3% to 28,442.75. | |
In Australia, the benchmark S&P/ASX 200 closed up 1.2% to 5,267.30 after reopening from a four-day holiday. | |
The index also ended higher for the eighth consecutive day. | |
Shares in Woodside Petroleum finished up 0.8% despite the drop in oil prices. | |
South Korea's Kospi index closed up 0.1% to 1,966.31, also reversing earlier losses. |