An oil price rally fueled by OPEC's deal to cut crude output fizzled out Thursday with analysts doubting the cartel's ability to seriously tackle a supply glut.
Energy-linked currencies led a rally in high-yielding units Thursday after OPEC's surprise deal to cut oil output sent crude prices soaring.
OPEC countries neared agreement on a preliminary accord Wednesday to limit oil production and support oil prices, despite lingering disagreements between regional rivals Saudi Arabia and Iran.
Tokyo stocks led a broad retreat in Asian markets Wednesday as the yen recovered, while regional energy firms struggled with crude prices on concern about the chances of success at an upcoming producers' meeting.
Oil prices posted marginal gains in Asia Wednesday as an industry report showing a decline in U.S. stockpiles was offset by worries about the chances of this week's key producers meeting ending with a deal to limit output.
The U.S. dollar held up Wednesday as investors awaited fresh clues about the Federal Reserve's plans for interest rates, after the first U.S. presidential debate lifted the greenback.
European stocks fell Tuesday on a fading rally triggered by Hillary Clinton's upbeat performance in the first U.S. presidential debate over Republican rival Donald Trump, but markets in Asia were up.
Oil prices edged down in Asia Tuesday amid continued speculation about whether producers will agree to restrict output at talks in Algeria this week, analysts said.
The World Trade Organization (WTO) on Tuesday revised down its 2016 global trade forecast by more than a percentage point, warning growth had hit its slowest pace since the global financial crisis.
Cartels only work when their members stick together -- but precious little unity is likely to be on show among Organization of the Petroleum Exporting Countries (OPEC) producers at a key meeting in Algiers on Wednesday.