US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
Asian Stocks Rally as Cooling U.S. Inflation Boosts Fed Rate Cut Hopes 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Gold Price Holds Near $4,000 as Middle East Tensions and Fed Rate Hike Bets Grow 
Goldman Sees Foreign Investors Driving India Stock Market Recovery 
Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
Dollar Holds Steady Ahead of U.S. CPI as Oil Surge, Middle East Tensions Keep Markets on Edge 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
Oil Prices Rise as U.S. Strikes on Iran Raise Strait of Hormuz Supply Fears 
Japanese Yen Holds Steady as Intervention Hopes Grow Ahead of U.S. CPI Data 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Oil prices fell sharply during Asian trading on Wednesday as markets reacted to comments from U.S. President Donald Trump suggesting Venezuela could soon supply tens of millions of barrels of crude oil to the United States. The development fueled concerns over rising global oil supply and added pressure to already struggling crude markets.
Brent crude futures for March dropped around 1% to trade near $60.11 per barrel, while U.S. West Texas Intermediate (WTI) crude declined about 1.1% to $56.29 per barrel. The losses extended a weak trend seen earlier in the week, with oil prices on track for their worst annual performance in five years amid persistent oversupply worries.
Trump stated via social media that Venezuela would deliver between 30 and 50 million barrels of oil to Washington, with the U.S. selling the crude at market prices. According to Trump, the proceeds would be controlled by the U.S. government to benefit both Venezuela and the United States. The announcement follows the recent capture of Venezuelan President Nicolas Maduro by U.S. forces, after which Trump said Washington was assuming control of Venezuela and planned to reopen its oil industry.
Markets interpreted these moves as a signal that U.S. sanctions on Venezuela’s oil sector could be lifted, potentially releasing large volumes of crude back into global markets. While geopolitical uncertainty added some risk premium to prices, oil remained under pressure due to expectations of a supply glut, especially looking ahead to 2026.
However, analysts cautioned that Venezuela’s oil production may not rebound quickly. Years of underinvestment, aging infrastructure, political instability, and limited storage capacity could delay any meaningful increase in output. Data from maritime intelligence firm Kpler suggested near-term production gains are unlikely.
Oil traders are also closely watching developments around a possible Russia-Ukraine ceasefire. The U.S. recently joined European allies in pledging security guarantees to Kyiv and offered to assist with ceasefire monitoring. Any breakthrough could eventually ease sanctions on Russia, potentially adding more oil supply to the market and further weighing on crude prices.
