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Asian markets rise, boosted by oil surge

Asian markets rise, boosted by oil surge

MOST Asian markets rose on Wednesday, with energy firms surging along with oil prices, as traders await the conclusion of a key Federal Reserve policy meeting.

While worries about the China-US trade row continue to erode confidence, the strong US economy and healthy corporate outlook are providing some buoyancy for now.

The weekend decision by major producers from inside and outside OPEC to maintain crude output – despite President Donald Trump’s call for lower prices – has sent both main contracts sharply higher this week.

Trump hit out at OPEC in his United Nations speech on Tuesday, accusing it of “ripping off the rest of the world”.

Brent is sitting around four-year highs and WTI is heading close to that mark, with a stronger dollar and an expected output cut from Iran caused by US sanctions.

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