Oil near multi-year highs, Asian shares fall

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Reuters

By Alun John HONG KONG (Reuters) – Asian shares dropped on Wednesday, reversing early gains, as analysts said sky-high oil prices meant stocks were quick to react to any hint of bad news such as a rate hike by New Zealand’s central bank. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6%, while Japan’s Nikkei lost 1.66%, having risen more than 1% in early trade. There were falls in Hong Kong off 0.77%, Korea down 0.98% and Australia 0.8% lower, and U.S. stock futures, the S&P 500 e-minis shed 0.45%. Oil steadied at multi-year highs having been pushed there by concerns about e…

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