Asian equities trade cautiously; commodities, data in focus

Asian equities markets traded cautiously on Tuesday after oil prices fell more than 5 percent overnight. Oil prices suffered a sharp decline during U.S. trading as a result of a global supply glut.


 The Organization of the Petroleum Exporting Countries' (OPEC) failed to reach an agreement to reduce production levels when it met on Friday. Instead OPEC oil ministers dropped any reference to the group's output ceiling for the first time in decades. 


This highlighted disagreements among members on how to accommodate Iranian oil supply in the market once Western sanctions are lifted.



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