A man walks by an electronic stock board of a securities firm in Tokyo, Monday, Nov. 21, 2016. Chinese shares rallied Monday, leading gains in most other Asian markets higher as Beijing guided the yuan... (Associated Press) 
 
 A man walks by an electronic stock board of a securities firm in Tokyo, Monday, Nov. 21, 2016. Chinese shares rallied Monday, leading gains in most other Asian markets higher as Beijing guided the yuan lower again, extending a decline that has picked up pace since Donald Trump's U.S. election victory.... (Associated Press) 
 
 LONDON (AP) — Global stocks rose on Tuesday, buoyed by Wall Street's close at a record high and hopes that OPEC will support the price of oil with a production cut. 
 
 KEEPING SCORE: France's CAC 40 added 0.8 percent to 4,563, while Germany's DAX was up 0.6 percent at 10,746. Britain's FTSE 100 was 1.1 percent higher at 6,849. U.S. shares were set to add to their record levels, with Dow and S&P 500 futures both up 0.3 percent, as optimism continued over the potential boost to the economy from President-elect Donald Trump's policies. 
 
 OPEC LOOMING: Expectations are growing that oil ministers will agree to limit production at a meeting of the OPEC oil cartel on Nov. 30 in Vienna, Austria. That's helped buoy oil prices in markets. Benchmark U.S. crude was down 7 cents to $48.17 a barrel in electronic trading on the New York Mercantile Exchange, having jumped $1.88 on Monday. Brent crude, the international standard, rose 13 cents to $49.03. 
 
 ANALYST TAKE: "Investors are trying to strike the right balance between positioning for a major dose of U.S. fiscal stimulus and not getting too committed, given the uncertainty surrounding what policies the new Trump Administration will actually implement," Margaret Yang, a market analyst at CMC Markets, said in a commentary. 
 
 RENMINBI RETREAT: Chinese authorities set the yuan's official "parity rate," known as the fix, for the country's tightly controlled currency at 6.8779 on Tuesday, breaking a 12-day losing streak. The yuan, also known as the renminbi, has been weakening as the dollar has surged in value against other currencies. 
 
 ASIA'S DAY: Japan's Nikkei 225 stock index added 0.3 percent to finish at 18,162.94 after dipping briefly following a powerful earthquake in northern Japan that set off a small tsunami but caused minor damage and injuries. South Korea's Kospi rose 0.9 percent to 1,983.47 and the Hang Seng in Hong Kong gained 1.4 percent to 22,678.07. Australia's S&P ASX/200 added 1.2 percent to 5,413.30 and the Shanghai Composite Index climbed 0.9 percent to 3,248.35. Shares in Southeast Asia and Taiwan also gained. 
 
 CURRENCIES: The dollar rose to 110.84 yen from 110.43 yen on Monday. The euro edged down to $1.0629 from $1.0638. ||||| BERKELEY HEIGHTS, N.J. (AP) — President Donald Trump said Saturday that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, "maybe up to 2,000,000 barrels" in response to turmoil in Iran and Venezuela. Saudi Arabia acknowledged the call took place, but mentioned no production targets. 
 
 Trump wrote on Twitter that he had asked the king in a phone call to increase oil production "to make up the difference...Prices to (sic) high! He has agreed!" 
 
 A little over an hour later, the state-run Saudi Press Agency acknowledged the call, but offered few details. 
 
 "During the call, the two leaders stressed the need to make efforts to maintain the stability of oil markets and the growth of the global economy," the statement said. 
 
 It added that there also was an understanding that oil-producing countries would need "to compensate for any potential shortage of supplies." It did not elaborate. 
 
 Oil prices have edged higher as the Trump administration has pushed U.S. allies to end all purchases of oil from Iran. Oil prices also have risen with the ongoing unrest in Venezuela, as well as with fighting in Libya over control of that country's oil infrastructure. 
 
 Last week, members of the Organization of the Petroleum Exporting Countries cartel led by Saudi Arabia agreed to pump 1 million barrels more crude oil per day, a move that should help contain the recent rise in global energy prices. However, summer months in the U.S. usually lead to increased demand for oil, pushing up the price of gasoline in a midterm election year. A gallon of regular gasoline sold on average in the U.S. for $2.85, up from $2.23 a gallon last year, according to AAA. 
 
 Trump's comments came Saturday as global financial markets were closed. Brent crude stood at $79.42 a barrel. 
 
 Saudi Arabia currently produces some 10 million barrels of crude oil a day. Its all-time record is 10.72 million barrels a day. Trump's tweet offered no timeframe for the additional 2 million barrels — whether that meant per day or per month. 
 
 The Trump administration has been counting on Saudi Arabia and other OPEC members to supply enough oil to offset the lost Iranian exports and prevent oil prices from rising sharply. 
 
 The administration has threatened close allies such as South Korea with sanctions if they don't cut off Iranian imports by early November. South Korea accounted for 14 percent of Iran's oil exports last year, according to the U.S. Energy Department. 
 
 China is the largest importer of Iranian oil with 24 percent, followed by India with 18 percent. Turkey stood at 9 percent and Italy at 7 percent. 
 
 The State Department has said it expects the "vast majority" of countries will comply with the U.S. request. 
 
 Trump announced in May that he would pull the United States out of a 2015 agreement over Iran's nuclear program, and would re-impose sanctions on Tehran. Previously, the administration said only that other countries should make a "significant reduction" in imports of Iranian crude to avoid U.S. sanctions. 
 
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 Gambrell reported from Dubai, United Arab Emirates. ||||| Oil futures finished sharply lower Wednesday, with the U.S. benchmark registering its sharpest daily slump in about 13 months as fears of flagging demand and renewed production from Libya overshadowed a report showing the biggest weekly drop in domestic crude supplies in nearly two years. 
 
 August West Texas Intermediate crude US:CLQ8 the U.S. benchmark, fell $3.73, or 5%, to $70.38 a barrel on the New York Mercantile Exchange—its lowest finish since June 25. The drop marked the worst percentage decline for a most-active contract since June 7 of 2017 and the steepest fall on a dollar basis since Sept. 1 of 2015, according to WSJ Market Data Group. 
 
 September Brent crude UK:LCOU8 meanwhile, dropped $5.46, or 6.9%, to $73.40 a barrel on London’s ICE Futures exchange, marking its lowest settlement since June 21. That also represented the international benchmark’s sharpest percentage fall in a single session since a Feb. 9 of 2016 and the steepest decline on a point basis since Nov. 28, 2013. 
 
 Read: The 7 reasons behind U.S. oil’s sharpest daily point drop in almost 3 years 
 
 “Market players are taking profits after reports of the return of Libyan crude oil,” possible waivers for U.S. sanctions on Iranian oil and renewed trade war fears, said Phil Flynn, senior market analyst at Price Futures Group. 
 
 There is also speculation that U.S. President Donald Trump “will hammer Russia on raising oil production” in an effort to push prices lower, and that has “traders running for cover,” he said. 
 
 The losses come even as the Energy Information Administration reported Wednesday that domestic crude supplies plunged by 12.6 million barrels for the week ended July 6. 
 
 “The biggest draw since September 2016 should be a wake up call for the U.S.," said Flynn. “We are in a tightening supply situation that is not going to get better soon.” The EIA reported a climb in crude supplies last week, but that followed three-consecutive weeks of hefty declines. 
 
 The size of the supply drop was more than double the 4.8 million-barrel decline expected by analysts surveyed by S&P Global Platts and the American Petroleum Institute on Tuesday reported had reported a smaller drop of 6.8 million barrels. 
 
 James Williams, energy economist at WTRG Economics, pointed out that U.S. imports dropped by 1.6 million barrels a day, “which accounts for 11.4 million barrels of the drop in stocks” last week. He said part of the import decline was due to the continued output halt at the Syncrude Canada facility. 
 
 Gasoline stockpiles fell by 700,000 barrels for the week, but distillate stockpiles jumped 4.1 million barrels higher for the week, according to the EIA. The S&P Global Platts survey forecast a supply decrease of 1 million barrels for gasoline and a rise of 1.7 million barrels for distillate stocks. 
 
 On Nymex, August gasoline US:RBQ8 fell 4.6%, or 9.89 cents, to $2.0614 a gallon, marking its sharpest session decline since Sept. 1, 2017. August heating oil US:HOQ8 shed 12.1 cents, or 5.5%, to $2.1008 a gallon. The most severe one-day drop for heating oil on a percentage basis since July 13, 2016. 
 
 Meanwhile, Libya’s state-run National Oil Corp. lifted force majeure on eastern oil ports on Wednesday after the ports were handed back from an armed faction, paving the way for a resumption of full production. 
 
 “Resumption of exports from Libya trumps one week of bullish EIA data,” said Williams. “That reduces fear of shortages with so little spare production capacity worldwide.” 
 
 Bjornar Tonhaugen, vice president for oil markets at consultancy Rystad Energy AS, estimated that around 700,000 barrels of oil a day would eventually be returned to the global market from Libya. 
 
 Meanwhile, trade tensions between the U.S. and China also caught investors’ attention after the U.S. said Tuesday that additional tariffs were being considered on Chinese goods. The U.S. last week launched tariffs on $34 billion worth of Chinese exports to America. 
 
 “If the U.S. implements this additional tax on $200 billion of imported Chinese goods, it will be difficult for China not to impose greater taxes on commodities imported from the U.S.,” said Olivier Jakob, head of energy consultancy Petromatrix. 
 
 China was the second-largest importer of U.S. crude in the first quarter of the year, according to data published by the EIA. As yet, China hasn’t imposed tariffs on U.S. crude. 
 
 In a monthly report released Wednesday, the Organization of the Petroleum Exporting Countries said oil production from its 15 members, which now includes the Republic of the Congo, averaged 32.33 million barrels a day in June, up 173,000 barrels a day from a month earlier, OPEC said, citing secondary sources. 
 
 Rounding out energy action, August natural gas US:NGQ18 settled at $2.829 per million British thermal units, up 4.1 cents, or 1.5%, ahead of Thursday’s EIA update on U.S. supplies of the fuel. 
 
 —Mark DeCambre contributed to this article 
 
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– MarketWatch credits "Trump-induced euphoria" in its headline: The Dow on Tuesday hit 19,000 for the first time at open, a milestone that followed Monday's record close of 18,957. The S&P 500 also passed 2,200. The AP earlier reported that global stocks rose Tuesday, buoyed by hopes that OPEC will support the price of oil with a production cut. The Wall Street Journal reports oil prices continue to hang around a three-week high in anticipation of a possible end-of-month OPEC deal. "Rising commodity prices do help," one senior portfolio manager with Robeco tells the Journal. "But I think there is also a bit of an upbeat mood about the [Donald] Trump election."