Asian shares were mostly lower Friday as a resurgence of Russian attacks dashed hopes for any quick end to the war in Ukraine.
The retreat followed a broad decline on Wall Street, which closed out its worst quarter since the pandemic broke out two years ago.
The war is the biggest single factor weighing on markets, analysts say. Ukrainian President Volodymyr Zelenskyy expressed pessimism about Russian intentions and said in his nightly video address to the nation that he expected the Russian offensive would continue for some time. Rising COVID cases in China are adding to the worries of a regional slowdown. The lockdown in Shanghai entered its second phase of extended restrictions, while restrictions were lifted in hard hit Jilin.
U.S. benchmark crude fell 36 cents to US$99.92 a barrel early Friday. It fell 7% on Thursday. Brent, the international standard, shed 7 cents to $104.64 a barrel. Energy prices have been a key factor in pushing inflation higher and Biden's plan to release more oil into the system comes as little relief is expected from the oil cartel OPEC. The cartel and its allied oil producers including Russia are sticking to a modest increase in the amount of crude they pump to the world, a step that supports higher prices.
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