China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Brent Oil Tops $100 as Middle East Conflict Threatens Supply 
Gold Prices Steady Ahead of U.S. Inflation Data and Fed Decision 
Asian Stocks Fall as Oil Tops $100, Yields Rise 
ECB Rate Hike in Focus as Oil Tops $100 
South Korea GDP Surges on Chip and AI Boom 
UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
Asian Stocks Mixed as AI Chip Rally Meets Oil Surge 
Asian Stocks Mixed as Korean Chipmakers Rally 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Norway Core Inflation Rises to 3% in August 
Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
Asian Currencies Steady as Yen Holds Firm, Oil Tops $100 
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Oil prices remained relatively steady on Monday but ended the third quarter with a 17% decline as concerns over waning global demand overshadowed fears of a supply disruption from Middle East tensions.
Brent crude futures for November delivery, which expired on Monday, fell 21 cents, settling at $92.20 per barrel. Meanwhile, the more actively traded December contract rose by 27 cents to close at $92.25. Brent prices saw a 9% drop in September — the largest monthly decrease since November 2022. For the third quarter, Brent slumped by 17%, its biggest quarterly loss in a year.
West Texas Intermediate (WTI) futures remained relatively unchanged, slipping by one cent to settle at $68.17. The U.S. benchmark saw a 7% decrease in September, marking the largest monthly decline since October 2022. For the quarter, WTI fell by 16%, the largest drop since Q3 of last year.
Geopolitical Tensions in the Middle East Add to Market Volatility
On Monday, oil prices found some support from speculation that Iran, a key OPEC producer, might become involved in the escalating Middle East conflict. Israel has intensified military operations against Hezbollah and Hamas leaders in Lebanon and has targeted Houthi positions in Yemen — all three groups are backed by Iran.
Economist Tim Snyder of Matador Economics noted that the market is assessing whether the conflict could expand, potentially affecting crude supply in the region.
China’s Economic Stimulus and Saudi Production Plans Weigh on Prices
China's recent fiscal stimulus measures to support the world's second-largest economy have had limited impact on oil prices, as traders remain skeptical about their potential to boost China's sluggish demand this year.
Moreover, prices were pressured by reports suggesting that Saudi Arabia, OPEC's de facto leader, is considering increasing oil production, effectively moving away from its unofficial target of $100 per barrel. Jim Ritterbusch, of energy consultancy Ritterbusch and Associates, indicated that Saudi Arabia’s plan to raise output in December could exert bearish pressure on the market in the coming weeks.
China’s Shrinking Manufacturing and Libyan Oil Production Recovery
Monday’s economic data revealed that China’s manufacturing sector contracted for the fifth month in a row, and the services sector sharply slowed in September, contributing to global demand concerns.
Additionally, the potential recovery in Libya's oil production weighed on the market. Libya's eastern-based parliament agreed to approve the nomination of a new central bank governor, a move that may help resolve political issues that have previously constrained the country's oil output.
