US Futures Rise as Asian Shares Mixed; Oil Prices Dip on Increased Output

U.S. stock futures traded higher on Monday, following a holiday weekend on Wall Street, while Asian shares showed mixed performance. Selling pressure on technology shares led benchmarks in Tokyo and Seoul lower.

Oil prices experienced a dip after OPEC+ announced on Sunday that seven member countries plan to collectively increase oil production by 188,000 barrels per day in August. This marks the fifth consecutive month that OPEC+ members have agreed to raise output.

The countries increasing their production include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

Meanwhile, uncertainty regarding oil supplies persists as negotiations with Iran, aimed at fully reopening the Strait of Hormuz, appear to be on hold during funeral ceremonies for Ayatollah Ali Khamenei, which are expected to continue for several days.

In energy trading, Brent crude, the international benchmark, fell 2 cents to $72.10 a barrel. The U.S. benchmark crude gained 20 cents, trading at $68.89 a barrel.

In Asian markets, Japan’s Nikkei 225 lost 0.3% to close at 69,568.27. Tech giant SoftBank Group Corp. declined 3.3%, and computer chipmaker Tokyo Electron shed 1.0%.

South Korea’s Kospi dipped 0.7% to 8,033.16.

Hong Kong's Hang Seng index rose 0.8% to 23,540.58, while the Shanghai Composite index inched down by less than 0.1% to 4,042.08.

Australia’s S&P/ASX 200 fell 0.2% to 8,831.00.

In currency markets, the U.S. dollar strengthened against the Japanese yen, trading at 162.08 yen, up from 161.34 yen. A year ago, the dollar was trading around 140 yen. The euro was valued at $1.1425, down from $1.1440.

Markets in the United States were closed on Friday, July 3, in observance of the Independence Day holiday, as July 4th fell on a Saturday this year.