Global markets drift as oil prices gyrate

BEIJING - Global markets drifted on Thursday as oil prices meandered in a narrow range. Asian stock markets were mixed in light trading, with exchanges in China and Korea closed for holidays.

Germany’s DAX was nearly flat at 10,380.36 and the CAC 40 of France likewise was almost unchanged, at 4,369.71. Britain’s FTSE 100 edged 0.1 percent higher to 6,680.26.

Wall Street appeared set to regain some lost ground, with Dow and S&P 500 futures up 0.3 percent.

Benchmark U.S. crude lost 18 cents to $43.40 per barrel in electronic trading the New York Mercantile Exchange as a drawdown in U.S. stockpiles was countered by news that oil fields in Nigeria and Libya would restart production. The contract plunged $1.32 on Wednesday to finish at $43.58 a barrel in New York. Brent crude, used to price international oils, added 2 cents to $45.87 in London. It fell $1.25 the previous session to $45.85.

“The path toward balancing the oil market is more or less derailed by production growth in OPEC members in recent months. This means that a production freeze may not be sufficient to stabilize the supply-demand situation,” Bernard Aw of IG said in a research note.

Tokyo’s Nikkei 225 tumbled 1.3 percent to 16,405.01 while Hong Kong’s Hang Seng gained 0.6 percent to 23,335.59. Sydney’s S&P ASX 200 rose 0.2 percent to 5,239.90 and India’s Sensex edged 0.1 percent lower, to 28,354.92. Exchanges in Shanghai, Seoul and Taipei were closed.

The dollar rose to 102.40 yen from Wednesday’s 102.36 yen. The euro fell to $1.1232 from $1.1250.