Tokyo crude futures hit 3-year high

Oil prices in Tokyo hit their highest level in nearly three years after a decision by OPEC and other oil producing nations to stick to their pact to open their taps only gradually.

At one point early on Tuesday, futures rose above 52,700 yen per kiloliter. That's expected to keep pushing gasoline prices up.

On Monday in New York, crude hit 78 dollars per barrel, the highest since 2014.

The higher crude oil prices are weighing on Tokyo shares.

The Nikkei 225 fell more than 900 points early Tuesday morning, taking it below 28,000 for the first time in about a month.

That followed a similar move on Monday on Wall Street. The Dow Jones Industrial Average lost more than 500 points at one stage. The index closed the day just above 34,000, down nearly one percent.