Crude oil dropped a third day, extending losses from a four-year low amid concern OPEC members may fail to agree on output cuts when they meet in Austria this week. Japanese stocks retreated as Asian currencies, including the yen, strengthened against the dollar.
West Texas Intermediate crude slipped 0.3 percent to $73.87 a barrel by 9:28 a.m. in Tokyo, after sinking 2.2 percent last session to the lowest price since September 2010. Japans Topix index dropped 0.1 percent from a six-year high, as the MSCI Asia Pacific Index rose 0.1 percent amid a rebound in Australian equities. The yen climbed a second day, while the Korean won and Malaysian ringgit added at least 0.2 percent. Standard & Poors 500 Index futures were little changed after the gauge fell from a record following three days of gains.
The Organization of Petroleum Exporting Countries meets in Vienna tomorrow, after talks between Venezuela, Saudi Arabia, Mexico and Russia failed to produce an agreement on cutting supplies amid sliding oil prices. Japan reports on small-business confidence today, and the U.K. updates on gross domestic product. The U.S. posts durable goods after an unexpected drop in consumer confidence offset data showing the economy capped its strongest six months in a decade last quarter.