Oil prices sink nearly 7%, world shares gain as Chinese chipmaker CXMT soars in Shanghai debut

Oil prices sank nearly 7% and world shares gained as Chinese chipmaker CXMT soared in its Shanghai debut. This was reported by Qazaqyia.kz citing Associated Press.

The drop in oil prices was driven by OPEC+'s decision to increase production. Brent crude fell 6.8% to $72.14 per barrel. WTI dropped 7.1% to $68.23.

Chinese memory chip maker CXMT (ChangXin Memory Technologies) made its trading debut on the Shanghai Stock Exchange, with shares surging 100%. This pushed the company's market value to $120 billion.

Asian markets: Japan's Nikkei 225 rose 1.2%, South Korea's KOSPI gained 0.8%, China's Shanghai Composite added 0.5%.

European markets: FTSE 100 rose 0.3%, DAX gained 0.4%, CAC 40 added 0.2%.

US markets: Dow Jones rose 0.1%, S&P 500 gained 0.2%, Nasdaq added 0.3%.

In currency markets: the dollar index fell 0.1%, the euro rose 0.2% against the dollar, the yen weakened 0.1%.

Gold prices rose 0.5% to $1,950 per ounce. Silver gained 1.2%.

Analysts said the oil price decline was due to OPEC+'s decision, while CXMT's debut highlights China's advances in the semiconductor industry.