By Lucy Craymer

Asian rubber prices were largely lower Wednesday as Shanghai futures came under pressure after rallying sharply in recent weeks due to speculation in the market.

"The uncertainty over Shanghai prices will continue to unsettle investors," said Kaname Gokon, an analyst at Okato Shoji in Tokyo.

The Tokyo contract, however, has rallied in the night session, supported by moves in oil prices. They soared on growing optimism that Organization of the Petroleum Exporting Countries producers will deliver a much-needed production-cut deal that would accelerate the rebalance in the global oil market.

Asian Rubber Futures

Nov. 30 Change from previousclose

Tocom May RSS3 Y228.1/Kg Down Y11.8/Kg

Shanghai Jan SCR5 CNY17,645/Ton Down CNY 855/Ton

Sicom Dec RSS3 US 200.0 cents/Kg Down 2.8 cents/Kg

Sicom Dec TSR20 US 168.0 cents/Kg Down 4.9 cents/Kg

USS Nov THB64.79/Kg-THB65.40/Kg THB65.91/Kg-THB66.89/Kg

Write to Lucy Craymer at, @lucy_craymer

(END) Dow Jones Newswires

November 30, 2016 05:43 ET (10:43 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.