Oil prices hit fresh five-month high

NEW YORK - Oil prices scored fresh five-month peaks on Wednesday on unrest in the crude-rich Middle East and an OPEC+ call for its members to maintain its strategy of reducing output.

Eurozone stocks advanced as a drop in inflation raised hopes of a rate cut by the European Central Bank, while Wall Street stocks finished little changed following mixed US data.

Asian stocks mostly sank, with a massive earthquake in Taiwan rocking sentiment. 

Gold zoomed to an all-time pinnacle at $2,230.15 per ounce before pulling back slightly. The yellow metal has been boosted by haven demand amid geopolitical tensions and the prospect of rate cuts.

Oil prices continued to advance with Brent crude closing in on $90 per barrel, as OPEC experts met to discuss extending supply cuts.

The Paris stock exchange gained 0.3 percent and Frankfurt rose 0.3 percent after investors seized on data showing the eurozone's annual rate of inflation decelerated to 2.4 percent last month from 2.6 percent in February thanks to a continued slowdown in food and drink price increases. 

Traders have pushed global equities higher for months, driven by optimism that the Fed will begin easing its monetary policy as soon as June as US inflation comes back towards officials' two percent target. 

But forecast-busting US data on a range of indicators including inflation, factory activity and jobs has dimmed those hopes.

Markets across Asia struggled.

Tokyo sank around one percent, while Hong Kong, Sydney, Seoul and Manila were off more. 

Shanghai, Singapore, Wellington and Jakarta were also well in the red, but Bangkok and Mumbai rose.

Taipei stocks fell after a deadly 7.4-magnitude earthquake just off Taiwan's east coast, which added to the regional uncertainty, though there was some relief that the threat of a tsunami had dissipated.