Treasury Buyback Fails to Cool Long-Term Yields 
EUR/USD Eyes 1.17 as Fed Decision Could Weigh on Dollar 
Central Banks Could Buy 20,000 Tonnes of Gold: BofA 
Goldman Sachs Forecasts Fed Rate Hike as Inflation Risks Rise 
Gulf Ministers to Meet Iran in Oman Over Hormuz Shipping Deal 
Gold Prices Fall as Hot U.S. Inflation Boosts Fed Rate Hike Bets 
Saudi Oil Exports Face 4% Global Supply Threat as Pipeline Remains Shut 
Asian Bank Stocks Slide as BofA Warning and Rising Yields Hit Sentiment 
Oil Prices Surge as Houthi Attacks Raise Saudi Supply Fears 
UK Businesses Urge Government to Cut Electricity Levies 
China Home Prices Fall Again as Property Slump Drags on Growth 
Oil Prices Surge as Houthi Attacks Deepen Hormuz Supply Fears 
Asian Stocks Fall as AI Fears and Oil Surge Hit Markets 
BOJ Flags Import Costs and Yen Shocks as Persistent Inflation Risks 
Asian Tech Stocks Slide as AI Concerns and Rising Bond Yields Hit Chipmakers 
Gold Prices Steady as Oil Disruptions Boost Fed Rate Hike Bets 
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Oil Prices Slide on Demand Concerns
Oil prices fell sharply in Asian trading on Tuesday, continuing recent declines as worries over weakening global demand weighed heavily on the market. The drop was also influenced by reports that Israel would not target Iranian oil facilities, reducing fears of an escalation in Middle East tensions.
Brent crude futures fell by 3% to $75.16 per barrel, while West Texas Intermediate (WTI) crude dropped to $71.03 per barrel, both extending losses from earlier in the week.
China's Declining Demand Adds Pressure
China's fifth consecutive monthly decline in oil imports has sparked concerns about slowing demand. Traders were underwhelmed by recent economic support measures announced by China's Ministry of Finance, which lacked details on the timing and scale of efforts to boost consumption. China's weak economic conditions have further diminished its appetite for crude, pressuring oil prices.
Additionally, the Organization of Petroleum Exporting Countries (OPEC) downgraded its global oil demand forecasts for the third month in a row. OPEC now expects a growth of 1.93 million barrels per day (bpd) in 2024, down from earlier estimates of 2.03 million bpd. The organization cited China's economic slowdown as a key factor in this revision.
Middle East Tensions Ease
Further weighing on oil prices, a report on Monday indicated that Israel will not attack Iran’s oil or nuclear facilities. This news has reduced the risk premium attached to oil prices, which had surged following Iran’s missile strike on Israel earlier in October. Traders now anticipate a less severe escalation in the region's conflict, providing some relief to the oil market.
