Oil Prices Rise; Fed Expected To Hold Key Interest Rate

HONG KONG (AP) — Asian stocks are mostly higher despite a retreat on Wall Street, and oil prices gained after the United Arab Emirates said it would leave OPEC in a blow to the oil cartel. Markets in Japan were closed for a holiday. The UAE’s planned exit from OPEC could mean higher oil output in the longer run from the country, as it had pushed back against OPEC production quotas in recent years. But short term oil prices will still be impacted by Iran war and the reopening of the Strait of Hormuz, which is still largely closed. On Tuesday, Wall Street’s benchmark S&P 500 fell 0.5%. The Federal Reserve was expected to keep its key interest rate unchanged at a meeting later Wednesday.