Crude oil falls as Asian shares edge lower amid rising global tensions

Crude oil futures slipped and Asian shares edged down as markets reacted to U.S. comments about Venezuelan oil and to rising geopolitical tensions; investors are awaiting U.S. employment data later this week.

Crude oil futures slipped in Asian trading as markets absorbed geopolitical developments from Venezuela and tensions between China and Japan. U.S. President Donald Trump said Venezuela would be "turning over" up to 50 million barrels of oil and reported a deal to export up to $2 billion of Venezuelan crude to the United States. Japanese shares weighed on regional benchmarks after China announced a ban on exports of certain dual-use items to Japan, and commodity and industrial metal prices showed gains. Market participants were also watching U.S. data due later in the week for clues on monetary policy. Key market developments: - The article reports U.S. President Donald Trump said Venezuela would turn over up to 50 million barrels of oil and that Caracas and Washington reached an agreement to export up to $2 billion of Venezuelan crude to the United States. - U.S. crude was reported down about 1.1% to $56.48 a barrel and Brent down about 0.8% to $60.22, while MSCI's Asia-Pacific shares ex-Japan were reported down roughly 0.2% and Japan's Nikkei slid about 0.25%. - Tokyo markets were pressured after China announced a ban on certain dual-use exports to Japan in response to remarks by Japanese officials, according to the article. - Investors are awaiting U.S. monthly employment data on Friday, with the JOLTS survey and ADP private payrolls due earlier in the week, and the dollar was reported holding gains. Summary: The article reports that oil prices and Asian equity benchmarks eased as markets reacted to statements about Venezuelan oil supplies and to trade-related moves between China and Japan. Commodity and industrial metal prices showed strength in parts of the session, and attention is focused on upcoming U.S. employment data this week that could influence expectations for Federal Reserve policy.