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Asian markets subdued by falling oil prices Asian shares make gains as oil price concerns
(about 7 hours later)
Asian shares traded mixed, following a lacklustre lead from global markets dragged down by oil prices. 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 was back near 11-year lows on reports that Iran plans to increase exports once sanctions are removed, which would add to the global supply glut. The price of US crude oil dropped more than 3% overnight, while Brent crude hovered near 11-year lows before stabilising.
Lower energy shares across Asia weighed on benchmark indexes. Japan's Nikkei 225 index erased earlier losses to close up 0.6% to 18,982.23.
Japan's Nikkei 225 index was down 0.1% to 18,850.17 in morning trade. Oil prices are expected to continue to weigh on energy shares in the region.
"Oil prices look likely to continue in their depressed state if Iran is able to ramp up its exports at such a rapid rate," said market analyst Angus Nicholson at trading firm IG in a note on Tuesday.
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 restructuringToshiba's restructuring
Meanwhile, shares of Toshiba rose by 0.6% on a local report that the struggling electronics giant planned to ask for an additional $2.5bn (£1.7bn) in credit to fund its large-scale 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 in early trade with the Shanghai Composite up 0.4% to 3,546.38, while Hong Kong's Hang Seng index was higher by 0.1% to 21,945.33. 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 was up 0.6% to 5,238.80 after reopening from public holiday on Monday. In Australia, the benchmark S&P/ASX 200 closed up 1.2% to 5,267.30 after reopening from a four-day holiday.
Bucking the trend were shares of Woodside Petroleum, up 0.1% despite the drop in oil prices. The index also ended higher for the eighth consecutive day.
South Korea's Kospi index was down 0.7% to 1,949.56, following the previous session's losses. 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.