China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
US Stock Futures Mixed as Strong Jobs Data Boosts Fed Rate Hike Bets 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
South Korea GDP Surges on Chip and AI Boom 
Gold Holds Near $4,400 as Fed Hike Bets Rise 
Japan, U.S. Stay Aligned on Yen as Currency Surges 
Yen Rebounds as BOJ Rate Hike Bets Rise 
Uranium Prices Could Top $100 as Nuclear Demand Grows 
Gold Prices Rise as Yen Rally Weakens Dollar 
UK House Prices Fall for First Time Since 2023 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
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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.
