Asian stocks fall amid soaring oil prices

Asian markets are down early on Tuesday as stocks reflect Wall Street’s volatility

Oil prices continue to soar as Russian supplies dwindle amid sanctions in response to Moscow’s invasion of Ukraine.

A Commonwealth Bank of Australia analyst says “political unrest might curtail supply from a couple of second-tier producers, Ecuador and Libya. And then there’s the G7’s proposed price cap on Russian oil”.

MSCI’s broadest index of Asia Pacific shares outside Japan was down 0.7% with the index down 3.8%.

Australian shares were up 0.25% while Japan’s Nikkei stock index rose 0.5%.

U.S. stocks have been unpredictable in recent sessions trading lower as inflation concerns tighten Fed policy.