Asian Markets Split as Oil Slips After Trump’s Russian Diesel Plan

Asian shares were mixed Monday, while Brent crude fell 1.4% to $103.31 a barrel and U.S. crude dropped 1.7% to $90.31. South Korea’s Kospi slid 3.1% to 6,416.17; Tokyo markets were closed for a holiday.

Hong Kong’s Hang Seng rose 0.2%, while the Shanghai Composite slipped 0.1%. Australia’s S&P/ASX 200 gained 0.9%, and U.S. stock futures advanced more than 0.3% after Wall Street ended a record-setting week higher.

President Donald Trump said Friday that he had agreed with Russian President Vladimir Putin to buy Russian diesel. Trump said Russia would supply more than 300,000 tons immediately, followed by 500,000 tons in November and 1 million tons “immediately thereafter.” He said another 3 million tons would arrive “within a short period of time.”

The plan drew criticism from lawmakers. A bipartisan group of six senators called Sunday for the administration to reverse course, saying it should do so “immediately.” The plan runs counter to U.S. efforts to cut revenue Russia receives from oil and gas sales.

U.S. inflation and retail sales updates are due this week, along with earnings from major banks. Citigroup, JPMorgan Chase and Wells Fargo are scheduled to report Tuesday. A preliminary University of Michigan report said consumers expect inflation of 4.7% over the coming year, up from 4.6% a month earlier.