Korea Zinc to Build $7.4 Billion Critical Minerals Refinery in Tennessee With U.S. Government Backing 
U.S. Dollar Steadies Near October Lows as Rate Cut Expectations Keep Markets on Edge 
New Zealand Budget Outlook Shows Prolonged Deficits Despite Economic Recovery Hopes 
BoE Set to Cut Rates as UK Inflation Slows, but Further Easing Likely Limited 
Silver Prices Hit Record High as Safe-Haven Demand Surges Amid U.S. Economic Uncertainty 
Asian Stocks Slide as AI Spending Fears and Global Central Bank Decisions Weigh on Markets 
Trump Orders Blockade of Sanctioned Oil Tankers, Raising Venezuela Tensions and Oil Prices 
Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty 
Gold and Silver Prices Dip as Markets Await Key U.S. Economic Data 
Asian Currencies Slip as Dollar Strengthens; Indian Rupee Rebounds on Intervention Hopes 
Singapore Growth Outlook Brightens for 2025 as Economists Flag AI and Geopolitical Risks 
Chinese Robotaxi Stocks Rally as Tesla Boosts Autonomous Driving Optimism 
South Korea Warns Weak Won Could Push Inflation Higher in 2025 
Oil Prices Climb on Venezuela Blockade, Russia Sanctions Fears, and Supply Risks 
Asian Stocks Slide as AI Valuation Fears and BOJ Uncertainty Weigh on Markets 
Oil Prices Rebound as Trump Orders Blockade of Sanctioned Venezuelan Tankers 
Japan PMI Data Signals Manufacturing Stabilization as Services Continue to Drive Growth 
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.
