Asian Stocks Rise, Oil Falls on UAE OPEC Exit

Asian stock markets mostly rose on Wednesday despite declines on Wall Street the previous day, while oil prices fell following the United Arab Emirates' announcement that it will leave OPEC effective May 1.

The UAE, OPEC's third-largest oil producer before the ongoing conflict between the United States and Iran, made the decision public on Tuesday through its state-run news agency. The move stems from long-standing frustrations with the cartel's production quotas, which have limited the UAE's output below its expanded capacity despite heavy investments in energy infrastructure. OPEC members produce about 40 percent of the world's oil supply.

In early trading, South Korea's Kospi index gained 0.3 percent to 6,657.40. Hong Kong's Hang Seng surged 1.4 percent to 26,029.02, and the Shanghai Composite climbed 0.3 percent to 4,091.01. India's Sensex advanced 0.4 percent. Australia's S&P/ASX 200 fell 0.3 percent to 8,689.50, and Taiwan's Taiex dropped 0.6 percent. Japan's markets were closed for a holiday. U.S. futures edged higher.

Oil benchmarks declined amid concerns over the announcement's impact on the cartel. Brent crude for June delivery fell 0.5 percent to $110.71 per barrel,...