On Wednesday, Asian markets eased in low volume with many market players away for year-end holidays. On the other hand, oil kept gains from the previous day on worries about possible supply disruptions after Iran threatened to stop the flow of oil from the Gulf.
“More people want to bring their positions to neutral ahead of the new year’s holidays than look for bargain hunting, and that’s keeping prices depressed in low volumes,” said Tetsuro Ii, the president of Commons Asset Management in Tokyo.
“The only way Iran would actually close Hormuz is when it is attacked and war breaks, but such a possibility appears low as no country would want to take the risk when growth worldwide was likely to slow down,” said Naohiro Niimura, a partner at research and consulting firm Market Risk Advisory Co.
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