Oil trims gains but Middle East risks keep Asia stocks on back foot

TOKYO - Oil shed some of its massive gains on Tuesday as the United States flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated and stocks under pressure.

"There is certainly a risk-off tone, but I'm surprised the markets are not reacting more," said Tsutomu Soma, general manager of fixed income business solutions at SBI Securities in Tokyo. US West Texas Intermediate futures were down 1.92 per cent to US$61.69 per barrel in Asia following a 14.7 per cent surge on Monday, the biggest one-day gain since December 2008.

Trump said on Monday it looked like Iran was behind the attacks but stressed that he did not want to go to war, striking a slightly less bellicose tone than his initial reaction. Many analysts expect China to lower benchmark rates for new loans on Friday to keep pace with monetary easing by other central banks.

Spot gold traded a shade higher in Asia at US$1,499.77 an ounce following a 0.7 per cent increase on Monday.The dollar was little changed at 108.15 yen. Some traders said it would be difficult to take big positions in the currency pair before the outcome of two important central bank meetings this week.

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