Asian Stocks Mixed as Korean Chipmakers Rally 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Norway Core Inflation Rises to 3% in August 
Asian Currencies Steady as Yen Holds Firm, Oil Tops $100 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
Asian Stocks Mixed as AI Chip Rally Meets Oil Surge 
Gold Prices Rebound as Dollar Weakens, Fed Decision Looms 
China Inflation Accelerates in August as CPI, PPI Rise 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
Gold Prices Rise as Yen Rally Weakens Dollar 
Gold Prices Steady Ahead of U.S. Inflation Data and Fed Decision 
Oil Prices Hold Near Highs as U.S.-Iran Conflict Escalates 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
U.S. Stock Futures Steady as Oil Tops $100 Ahead of Inflation Data 
German Inflation Accelerates to 2.9% in August 
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Oil Prices Dip on Rising U.S. Inventories and Middle East Tensions
Oil prices declined during Asian trading on Wednesday following an unexpected increase in U.S. oil inventories. Meanwhile, global attention remained on U.S. diplomatic efforts to ease rising tensions in the Middle East.
U.S. Inventory Build Exceeds Expectations
According to data from the American Petroleum Institute (API), U.S. oil inventories increased by 1.643 million barrels last week, surpassing the forecasted 0.7 million barrel build. This sparked concerns that U.S. fuel demand may be softening, potentially signaling a similar outcome in official data set to be released later on Wednesday.
Diplomatic Efforts in the Middle East
Despite a brief rise in crude prices after Israel claimed responsibility for the death of Hezbollah's Hashem Safieddine, prices soon fell as U.S. Secretary of State Antony Blinken continued diplomatic talks in Israel. These discussions aim to de-escalate conflict in the region, while also pushing for increased humanitarian aid to Gaza.
China’s Economic Signals and Dollar Strength
Market participants are also closely monitoring China, the world’s largest oil importer, amid ongoing concerns about reduced demand. Further pressure on oil prices came from a strong U.S. dollar, driven by expectations of smaller interest rate cuts by the Federal Reserve, pushing the currency to its highest level since August.
Goldman Sachs Oil Price Forecast
Goldman Sachs expects oil prices to average $76 per barrel by 2025, citing moderate surpluses and spare production capacity among major oil producers. The bank noted that Middle East tensions have not significantly affected oil supplies and that OPEC+ plans to increase output later this year.
