U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
Dollar Holds Steady Ahead of U.S. CPI as Oil Surge, Middle East Tensions Keep Markets on Edge 
Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Asian Stocks Slide as Chip Selloff Deepens Ahead of TSMC Earnings 
US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
Australia Consumer Sentiment Rises in July as Fuel Price Relief Lifts Confidence 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
Asian Stocks Slide as Oil Surge, U.S.-Iran Tensions and Fed Rate Bets Weigh on Markets 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
Oil Prices Surge as U.S.-Iran Conflict Escalates and Strait of Hormuz Risks Grow 
Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Oil prices climbed in Asian trading on Wednesday as investors digested a mixed U.S. crude inventory report and assessed the broader supply outlook ahead of a modest production increase by OPEC+ in November.
As of 22:11 ET (02:11 GMT), Brent crude futures for December delivery rose 0.7% to $65.91 per barrel, while West Texas Intermediate (WTI) crude gained 0.8% to $62.23 per barrel. Both benchmarks were little changed in the prior session after volatile trading, reflecting market uncertainty around demand and supply dynamics.
According to data from the American Petroleum Institute (API), U.S. crude inventories grew by 2.78 million barrels in the week ending October 4, exceeding expectations of a 2.25 million-barrel rise. The increase marked a reversal from the previous week’s 3.67 million-barrel draw, signaling weaker demand and raising short-term bearish sentiment.
However, the API also reported declines in gasoline and distillate stocks, down 1.3 million and 1.8 million barrels respectively. The fall suggests steady fuel consumption despite reduced refinery runs amid seasonal maintenance. Traders are now awaiting confirmation from the U.S. Energy Information Administration (EIA)’s official data later Wednesday, which could further influence price direction.
The modest rebound in oil prices follows last week’s decision by OPEC+ to raise output by 137,000 barrels per day in November, mirroring October’s increase. The move underscores the alliance’s cautious approach to balancing market stability while slowly reclaiming market share.
Meanwhile, U.S. oil production continues to approach record highs. The EIA revised its 2025 forecast upward to 13.53 million barrels per day, citing stronger output from the Permian Basin and the Gulf of Mexico. The agency also cautioned that rising crude inventories may keep pressure on prices through year-end, even as fuel demand remains resilient.
