China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Asian Stocks Mixed as AI Chip Rally Meets Oil Surge 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Gold Prices Steady Ahead of U.S. Inflation Data and Fed Decision 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
U.S. Stock Futures Steady as Oil Tops $100 Ahead of Inflation Data 
China Inflation Accelerates in August as CPI, PPI Rise 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
Oil Prices Hold Near Highs as U.S.-Iran Conflict Escalates 
German Inflation Accelerates to 2.9% in August 
Norway Core Inflation Rises to 3% in August 
Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
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Oil Prices Slide on Demand Concerns
Oil prices fell sharply in Asian trading on Tuesday, continuing recent declines as worries over weakening global demand weighed heavily on the market. The drop was also influenced by reports that Israel would not target Iranian oil facilities, reducing fears of an escalation in Middle East tensions.
Brent crude futures fell by 3% to $75.16 per barrel, while West Texas Intermediate (WTI) crude dropped to $71.03 per barrel, both extending losses from earlier in the week.
China's Declining Demand Adds Pressure
China's fifth consecutive monthly decline in oil imports has sparked concerns about slowing demand. Traders were underwhelmed by recent economic support measures announced by China's Ministry of Finance, which lacked details on the timing and scale of efforts to boost consumption. China's weak economic conditions have further diminished its appetite for crude, pressuring oil prices.
Additionally, the Organization of Petroleum Exporting Countries (OPEC) downgraded its global oil demand forecasts for the third month in a row. OPEC now expects a growth of 1.93 million barrels per day (bpd) in 2024, down from earlier estimates of 2.03 million bpd. The organization cited China's economic slowdown as a key factor in this revision.
Middle East Tensions Ease
Further weighing on oil prices, a report on Monday indicated that Israel will not attack Iran’s oil or nuclear facilities. This news has reduced the risk premium attached to oil prices, which had surged following Iran’s missile strike on Israel earlier in October. Traders now anticipate a less severe escalation in the region's conflict, providing some relief to the oil market.
