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U.S. Dollar Steadies Near October Lows as Rate Cut Expectations Keep Markets on Edge 
Asian Currencies Trade Sideways as Dollar Weakens Ahead of Key U.S. Data 
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Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns 
Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty 
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Wall Street Futures Slip as Tech Stocks Struggle Ahead of Key US Economic Data 
Bank of Korea Downplays Liquidity’s Role in Weak Won and Housing Price Surge 
Oil prices gained in Asian trading Tuesday after Israel launched airstrikes on Gaza, allegedly violating a ceasefire following failed hostage negotiations. Brent crude rose 0.4% to $71.32 per barrel, while WTI climbed 0.4% to $67.61.
The strikes, Israel’s most significant escalation since January, targeted Hamas positions, leaving at least 100 dead, according to Gaza’s Health Ministry. Prime Minister Netanyahu authorized the attacks after Hamas rejected ceasefire extension proposals and refused hostage releases. The ongoing conflict raises concerns over potential energy market disruptions in the Middle East.
Meanwhile, investors await the Federal Reserve’s March 18-19 meeting. The Fed is expected to maintain interest rates at 4.25%-4.50%, with traders closely watching its stance on Trump-era tariffs and their economic impact. Rising trade tensions have pressured oil prices, with Brent crude recently hitting three-year lows near $70 per barrel. Higher interest rates could strengthen the U.S. dollar, making oil more expensive for non-dollar holders, potentially reducing demand. The U.S. Dollar Index edged up 0.1% during Asian trading.
Geopolitical risks continue to support oil prices. The U.S. pledged ongoing airstrikes against Yemen’s Iran-backed Houthis, aiming to secure Red Sea shipping routes. Disruptions in this key trade corridor could further impact global energy markets.
China, the world’s largest oil importer, recently announced measures to boost domestic consumption, aiming to shift economic reliance to internal demand. Strong industrial production growth of 5.9% in January-February and a 4% retail sales increase have fueled optimism about oil demand recovery.
With global conflicts and economic policies in focus, oil markets remain volatile as traders navigate uncertainty over supply risks and monetary policies.
