The reimposition of sanctions by the US on Venezuela’s oil sector is expected to affect the country’s exports. Additionally, Mexico announced earlier this month that strong local demand will lead to a reduction in exports.
As investors flocked to safe-haven assets, gold prices surged. During Asian hours, futures temporarily increased 1% to trade at $2,422.4 per ounce.
On Friday morning, the value of bitcoin fell below $60,000 due to a decline in demand for high-risk investments. By Friday midday, it had recovered some of those losses to trade at $62,406, but it was still down 2% from the previous trading session.
Asia’s stock markets also plummeted.
The Nikkei 225 in Japan fell 2.6%. The Kospi in South Korea fell 2.3%. The Hang Seng Index for Hong Kong dropped 1.3%. The Shanghai Composite fell 0.4% in China.
However, oil supplier stock prices spiked, defying the sluggish market trend.
The biggest provider of natural gas and oil in Asia, PetroChina, increased 2.3% in Hong Kong. The biggest offshore crude production in China, CNOOC, increased by 2.8%. The biggest oil refining corporation in the world by capacity, Sinopec, saw a 1.3% increase.
Refiner Cosmo Energy had a 1.5% increase in Tokyo. Powerhouse Eneos Corp. increased by 0.7%. S-Oil Corp. increased 2.1% in Seoul.
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