Oil surges as dollar continues slide against yen

85

Hong Kong

Oil prices surged Monday to build on last week’s rally as the dollar clawed back losses following concerns over gridlock in Washington and renewed tensions on the Korean peninsula.
Both main crude contracts made strong gains, with WTI testing $50 a barrel for the first time since late May and Brent heading towards $53, while mining giants BHP Billiton and Rio Tinto saw their share price rise as commodities strengthened.
On equity markets, Tokyo closed lower as the yen hardened against the dollar earlier Monday while Shanghai edged up, shrugging off slightly lower than expected purchasing managers’ index (PMI) data, a gauge of factory conditions.
Hong Kong advanced sharply in afternoon trade to cap a strong month which has seen the Hang Seng set for its biggest gain since January.—AFP