Global shares mostly consolidated recent gains yesterday but some Asian markets fell as oil prices dropped with the end of a strike by crude workers in key producer Kuwait. 
Oil markets, which have taken centre stage since the collapse of weekend talks to tackle a global supply glut, tumbled by around 2% in earlier deals on the news from the Opec member country. 
Prices later rebounded into positive territory following the publication of a US crude inventory report that showed US oil production continued to fall last week. 
“Asian markets got an early lift from a weak dollar and rising oil price but gave up early gains after Kuwaiti oil workers ended their three-day strike, bringing oil prices back down as markets adjust to the higher supply,” said Jasper Lawler, analyst at traders CMC Markets. 
“It had been the reduced supply from Kuwait that played a role in supporting oil prices in the wake of the failed Doha meeting.” 
After sharp falls for Chinese equities, Frankfurt’s DAX and the CAC 40 in Paris closed with modest gains ahead of a meeting of the European Central Bank today. 
Volkswagen shares topped the Frankfurt gainers, rising 6.6% to €120.90, lifted by a Bloomberg News report that the troubled German carmaker’s progress in fixing diesel emissions means it could avoid a trial in the US over its cheating software, Baader Bank analyst Robert Halver told AFP. 
VW shares were also boosted by Mitsubishi’s admission that it had manipulated emissions tests. 
“The thinking is that the more cheaters you have, the less tough the punishment will be,” Halver said. 
In London, meanwhile, the FTSE 100 was practically flat. 
In Britain, new data showed that the unemployment rate had fallen to its lowest level in more than a decade, but the jobless total has risen for the first time in almost a year. 
Kallum Pickering, of Berenberg bank, was upbeat, despite saying the labour market had lost slightly more momentum than expected in February. 
“But considering that the beginning of 2016 was the worst start to a year in markets since 2008 and EU referendum uncertainty is looming over the UK, today’s data is somewhat encouraging,” he said in a note to investors. 
US shares were slightly higher despite mixed earnings reports. Shares of soft drinks giant Coca-Cola sank more than 5% on a drop in first quarter earnings. 
Chipmaker Intel advanced 1.2% after saying it would trim 12,000 jobs. Earnings in the first quarter at Intel rose three% to $2.0bn. 
Sheraz Mian, of Zacks Investment Research, said despite the downturn in oil prices, he believed the worst was over. 
“The commodity’s day-to-day prices will continue reflecting headlines about the still-elevated global inventory levels and noise coming out of Opec. 
“But I strongly feel that in the absence of a major economic shock like a bigger than expected fall in the Chinese economy, the worst is behind us in the oil patch,” he said in a note to investors.