European Oil & Gas Stocks Face 2026 With Cautious Outlook Amid Valuation Pressure 
BOJ Governor Ueda Highlights Uncertainty Over Future Interest Rate Hikes 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
China Urged to Prioritize Economy Over Territorial Ambitions, Says Taiwan’s President Lai 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
Spain’s Industrial Output Records Steady Growth in October Amid Revised September Figures 
Dollar Weakens Ahead of Expected Federal Reserve Rate Cut 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
European Stocks Rise as Markets Await Key U.S. Inflation Data 
Gold Prices Edge Higher as Markets Await Key U.S. PCE Inflation Data 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
Citi Sets Bullish 2026 Target for STOXX 600 as Fiscal Support and Monetary Easing Boost Outlook 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
Oil prices slipped in early Asian trading on Wednesday, retreating from a two-week high after U.S. inventory data revealed an unexpected spike in crude stockpiles. Brent crude futures for September delivery fell 0.3% to $69.91 per barrel, while West Texas Intermediate (WTI) dropped 0.4% to $68.10.
The dip followed gains on Tuesday driven by concerns over supply disruptions after fresh Houthi attacks in the Red Sea. A drone and speedboat strike on the Liberian-flagged, Greek-operated vessel Eternity C killed four crew members off Yemen’s coast, escalating geopolitical risks.
Market sentiment shifted after the American Petroleum Institute (API) reported a surprising 7.1 million-barrel build in U.S. crude inventories for the week ending July 4, far above the expected 2.8 million-barrel draw. This marked the largest weekly build since January. Meanwhile, gasoline inventories fell by 2.2 million barrels and distillates declined by 800,000 barrels, signaling potential demand weakness.
Traders now await confirmation from the Energy Information Administration (EIA) later Wednesday. A similar reading would reinforce concerns about oversupply in the U.S. market, potentially weighing further on crude prices.
Adding to market uncertainty, U.S. President Donald Trump on Tuesday announced a 50% tariff on copper imports and hinted at further tariffs on semiconductors and pharmaceuticals. The move follows tariff letters sent to 14 countries, with levies of up to 40% and a blanket 25% tariff on all Japanese and South Korean goods starting August 1. Trump indicated more announcements involving “a minimum of seven countries” would follow.
With rising geopolitical tensions and trade policy shifts, oil markets remain on edge amid growing volatility and supply-demand imbalances.
