Asian stocks were higher, as sentiment rose before on Wall Street ahead of a likely hike in U.S. interest rates, while the dollar held to large gains made as Treasury yields picked up.
Crude oil fell in Asian trade, snapping gains that pulled prices back from testing 11-year lows, as investors awaited the outcome of a Federal Reserve meeting, where interest rates are likely to be raised.
OPEC Secretary-General Abdullah al-Badri said global crude oil prices at seven-year lows will not continue and could swing upwards in as little as a year, as the low-price cycle leads to cuts in output from some producers.
Noble Group Ltd., Asia’s largest commodities trader, is in advanced talks to sell the rest of its agriculture unit as it seeks to raise cash and avoid a credit rating cut to junk.
Prime Minister Narendra Modi’s assurance to protect rubber producers by putting more curbs on imports has come at a time when rubber price has crashed to a nearly eight-year low at 100 a kg, with the domestic industry reeling under the onslaught of cheaper Chinese products.