Markets in Australia and Asia have ended Monday stronger, despite oil prices slipping on concerns of over supply.

Brent crude was trading at US$33.62 per barrel at 6:59 am GMT, down 1.46% on Friday’s close, but above the US$30.01 low hit earlier in the session.

US crude was down 1.91%, at US$27.81 per barrel, having dipped to as low as US$25.28 per barrel.

Oil prices had rallied towards the end of last week on hopes Opec and other leading producers, including Russia, would reach a deal to cut at least 10 million barrels per day of production, which led to both the US and Brent contracts posting their largest ever weekly percentage gains.

However, prices eased on Monday after Saudi Arabia and Russia delayed the meeting to discuss the production cuts.

The two oil heavyweights were set to sit down on Monday, however Reuters reported that meeting has now been pushed back until 9 April.

Australian market rises higher

Despite the fall in oil prices, the markets enjoyed a more positive day, with Australia’s benchmark ASX200 closing 4.33%, or 219.3 points higher, at 5286.8, while the wider All Ordinaries was up 4.24%, or 216.7 points, at 5323.6.

Liquefied natural gas giant Woodside Petroleum saw its shares end the day 6.14% higher, at A$20.91 (US$12.62) per share, while Santos ended the day 7.77% higher, at A$4.30.

Origin Energy’s shares closed 4.2% higher, at A$4.96, while Beach Energy closed out the day with a 10.81% gain, reaching a closing price of A$1.435 per share.

Another ASX200-listed oil and gas player, Oil Search, placed its shares into a trading halt on Monday as the company, which has already slashed spending in the wake of the Covid-19 crisis, considers a capital raise.

Asian markets enjoy Monday rally

In Asia, Japan’s Nikkei 225 closed out the day 4.25%, or 756.11 points higher, at 18,576.30 following a volatile day of trade that saw it open at 17,857.99, dip as low as 17,802.62 and then climb as high as 18,672.26.

Japan’s Inpex closed out the day with its share price ending 6.3% higher, at 672 yen (US$6.16) per share, with the company’s shares hitting a high of 681 yen before dipping just before the bell.

South Korea’s Kospi Composite Index steadily climbed on Monday, ending the day 3.85%, or 66.44 points, higher at 1791.88.

The country’s shipbuilding giants also enjoyed a positive day of trade, with Hyundai Heavy Industries ending the day 8.25% higher, at 229,500 won (US$186.80), Daewoo Shipbuilding & Marine Engineering closed out Monday up 4.69%, at 14,500 won, while Samsung Heavy Industries was up 4.57%, at 4325 won.

Singapore’s Straits Times Index is still open but was also trending higher, up 2.80% at 3:10 pm local time, at 2456.18. It had hit a high of 2477.31 earlier in the session.

Meanwhile, Hong Kong’s Hang Seng Index was trading up 2.18% at 3:10 pm local time, at 23,738.01, after easing from a high of 23,832.93 about an hour earlier.