China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
Goldman Sees Foreign Investors Driving India Stock Market Recovery 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
Gold Price Holds Near $4,000 as Middle East Tensions and Fed Rate Hike Bets Grow 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
US Inflation Expected to Ease in June, but Fed Rate Hike Risks Persist Amid Middle East Tensions 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
Australia Consumer Sentiment Rises in July as Fuel Price Relief Lifts Confidence 
Asian Stocks Slide as Oil Surge, U.S.-Iran Tensions and Fed Rate Bets Weigh on Markets 
Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
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 
Oil prices were mostly steady during Asian trading on Friday, yet both benchmark crude contracts remained on track for weekly losses after a sharp selloff in the previous session. Brent crude futures for April delivery edged up 0.1% to $67.56 per barrel, while West Texas Intermediate (WTI) crude rose 0.1% to $62.87 per barrel. Despite the modest rebound, both benchmarks fell nearly 3% in the prior session, positioning them for around a 1% decline for the week.
Market sentiment has been pressured by growing concerns about a potential global oil supply glut. The International Energy Agency (IEA), in its latest monthly oil market report, projected a surplus of more than 3.7 million barrels per day in 2026. The agency also noted that global oil inventories increased significantly last year, marking one of the fastest stockpile builds since the pandemic. Rising inventories and resilient non-OPEC production have intensified fears of prolonged oversupply in the global energy market.
Adding to bearish sentiment, the U.S. Energy Information Administration (EIA) reported an 8.53 million barrel jump in crude inventories this week, far exceeding market expectations and representing the largest build since January 2025. The sharp increase signals softer refinery demand and abundant supply in the United States, the world’s largest oil consumer.
Meanwhile, geopolitical developments remain in focus. Comments from former U.S. President Donald Trump suggesting that negotiations over a potential U.S.-Iran nuclear deal could extend for up to a month reduced immediate concerns about supply disruptions from the Middle East. This tempered the geopolitical risk premium that had previously supported crude oil prices.
Investors are also awaiting key U.S. consumer price index (CPI) data, which could influence Federal Reserve interest rate decisions. Strong January jobs data has already dampened expectations for near-term rate cuts, adding another layer of uncertainty to the oil market outlook.
