Asia markets retrace some losses; oil prices closely watched after OPEC warns on output

  • Oil will be in focus after several OPEC members and other crude exporters warned about oversupply in the market that could push prices lower.

Asia markets retraced some of their early losses Monday morning but investors remained wary about global risks that include a trade fight between the U.S. and China, growth outlook, as well as oil prices.

Japan’s Nikkei 225 erased early losses of more than 0.7 percent to trade fractionally higher while the Topix index was near flat. In South Korea, the Kospi retraced losses of more than 0.6 percent to trade down 0.1 percent.

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