Asian Stocks Slide as Oil Surge, U.S.-Iran Tensions and Fed Rate Bets Weigh on Markets 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
Goldman Sees Foreign Investors Driving India Stock Market Recovery 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
Australia Consumer Sentiment Rises in July as Fuel Price Relief Lifts Confidence 
China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
Dollar Holds Steady Ahead of U.S. CPI as Oil Surge, Middle East Tensions Keep Markets on Edge 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Oil prices fell on Wednesday as global financial markets experienced a broad selloff fueled by concerns over economic growth and weakening fuel demand. The stronger U.S. dollar and reports of rising crude inventories in the United States added further pressure on prices.
Brent crude futures dropped 36 cents, or 0.56%, to $64.08 a barrel by 0221 GMT, while U.S. West Texas Intermediate (WTI) crude slipped 40 cents, or 0.66%, to $60.16. Both benchmarks extended losses from the previous session, mirroring declines in global equities.
Asian stock markets followed Wall Street’s overnight slump as investors grew increasingly cautious about stretched stock valuations—especially in sectors tied to artificial intelligence. The risk-off sentiment lifted the U.S. dollar against other major currencies, making dollar-denominated oil more expensive for foreign buyers and dampening demand.
“Crude oil is trading lower as risk sentiment shifted sharply negative, boosting the safe haven U.S. dollar, both of which weighed on crude prices,” said Tony Sycamore, market analyst at IG.
Adding to the bearish outlook, the American Petroleum Institute (API) reported that U.S. crude inventories rose by 6.52 million barrels for the week ending October 31, signaling weaker demand and higher supply.
On the production side, OPEC+—the alliance of the Organization of Petroleum Exporting Countries and its allies—agreed to increase output by 137,000 barrels per day in December. The group also announced it would pause further hikes during the first quarter of 2026, though analysts at LSEG noted this move is unlikely to provide significant support for near-term prices.
OPEC’s own output in October rose modestly by 30,000 barrels per day, as gains were offset by declines in Nigeria, Libya, and Venezuela.
Overall, the combination of economic uncertainty, a stronger dollar, and rising inventories continues to weigh on oil market sentiment, keeping both Brent and WTI under pressure.
