Spain’s Industrial Output Records Steady Growth in October Amid Revised September Figures 
European Oil & Gas Stocks Face 2026 With Cautious Outlook Amid Valuation Pressure 
European Stocks Rise as Markets Await Key U.S. Inflation Data 
BOJ Faces Pressure for Clarity, but Neutral Rate Estimates Likely to Stay Vague 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
Dollar Weakens Ahead of Expected Federal Reserve Rate Cut 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
Gold Prices Edge Higher as Markets Await Key U.S. PCE Inflation Data 
Oil prices extended their rally for a second consecutive day on Wednesday as signs of tightening supply supported the market. Brent crude futures inched up 27 cents to trade at $67.90 per barrel by 0005 GMT, while U.S. West Texas Intermediate (WTI) futures gained 28 cents to $63.69. Both benchmarks had climbed more than $1 per barrel on Tuesday, driven by stalled negotiations over resuming exports from Iraq’s Kurdistan region.
Talks between Iraq’s federal government, the Kurdish regional government, and international oil companies aimed at restarting pipeline shipments to Turkey have hit a roadblock. The proposed deal would have allowed around 230,000 barrels per day (bpd) of crude exports to resume. However, demands for debt repayment guarantees have delayed progress, leaving pipeline flows halted since March 2023.
Further supporting prices, data from the American Petroleum Institute (API) revealed that U.S. crude and gasoline inventories dropped last week, while distillate stockpiles increased. According to market sources, crude stocks fell by 3.82 million barrels in the week ending September 19, with gasoline inventories declining by 1.05 million barrels. Distillates, however, posted a rise of 518,000 barrels. Traders are now awaiting official U.S. Energy Information Administration (EIA) data, which is expected to show increases in both crude and gasoline supplies, alongside a fall in distillates.
Concerns over supply are further amplified by restrictions in Venezuela. Chevron, a major U.S. oil company, will reportedly be able to export only about half of the 240,000 bpd it produces in partnership with state-run entities. Although the company secured authorization in July to continue operations in the sanctioned nation, new regulatory limits mean less Venezuelan heavy, high-sulphur crude will reach the U.S.
With shrinking inventories, delayed Iraqi exports, and constrained Venezuelan shipments, the global oil market faces renewed upward pressure, fueling expectations of tighter supply in the months ahead.
