Oil slides on Ukraine peace hopes as Asian stocks rebound and Bitcoin dips
Oil prices eased ahead of the Budget after signs of progress toward a potential peace deal in Ukraine raised expectations of additional global supply returning to the market.
Brent crude fell 1.16pc to $61.37 per barrel, while US benchmark West Texas Intermediate slipped 1.5pc to just under $58, extending recent weakness in energy markets.
Equities told a more upbeat story. Asian markets climbed after a relief rally on Wall Street overnight, where softer-than-expected US economic data fuelled optimism that the Federal Reserve could deliver an interest rate cut next month.
MSCI’s broad index of Asia-Pacific shares outside Japan rose 1.1pc, while Japan’s Nikkei gained 1.9pc, as investors rotated back into risk assets.
In the US, markets recovered from earlier volatility. The S&P 500 climbed 0.9pc and the Nasdaq Composite rose 0.7pc, shrugging off earlier losses as hopes of looser monetary policy improved sentiment.
Cryptocurrencies moved the other way. Bitcoin fell 2pc to $87,093, continuing its recent slide as traders remain cautious amid broader uncertainty in tech and risk-sensitive assets.
