TOKYO, March 10 — Stock markets in South Korea and Japan rose sharply in early trade today after the US crude oil benchmark, WTI, fell more than six percent.

South Korea’s benchmark Kospi rebounded more than five percent, recovering after a sharp drop the previous day.

The Nikkei 225 in Tokyo also jumped more than three percent, before falling back slightly.

Around 0030 GMT, the West Texas Intermediate (WTI) was down 6.54 per cent at $88.57 a barrel.

Brent Crude was down 6.78 per cent US$92.25.

Prices had soared Monday, with WTI hitting as high as US$119.48 and the Brent international benchmark reaching US$119.50 before dropping.

The market reversed course after US President Donald Trump unexpectedly told a CBS News journalist on Monday that he considered the war as being to close to finished.

Developments were “enough to spark hopes of some normalisation in supply and logistical dynamic”, said Chris Weston, an analyst with Pepperstone. “Traders moved quickly to sell crude and equity volatility.”

However he warned that “the geopolitical backdrop remains fluid, and traders should expect volatility to remain a defining feature of the trading environment in the days ahead”. — AFP