Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
U.S. Dollar Slides for Third Straight Week as Rate Cut Expectations Boost Euro and Pound 
Asian Stocks Slip Ahead of Fed Decision as China Deflation Concerns Deepen 
Asian Stocks Slip as Oracle Earnings Miss Sparks AI Profitability Concerns 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
Australia’s Labour Market Weakens as November Employment Drops Sharply 
Oil Prices Edge Higher as U.S. Seizes Sanctioned Venezuelan Tanker 
Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Brazil Holds Selic Rate at 15% as Inflation Expectations Stay Elevated 
Russia Stocks End Flat as Energy and Retail Shares Show Mixed Performance 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
Fed Rate Cut Signals Balance Between Inflation and Jobs, Says Mary Daly 
US Signals Openness to New Trade Deal as Brazil Shows Willingness, Says USTR Greer 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
Oil prices slipped slightly in Asian trading on Wednesday, despite optimism that the U.S. government was close to ending its record-breaking 42-day shutdown. The temporary support from the potential reopening was outweighed by lingering fears of an oil supply glut and a strong U.S. dollar that continued to pressure the market.
Brent crude futures for January edged down 0.2% to $65.04 per barrel, while West Texas Intermediate (WTI) crude also fell 0.2% to $60.85 per barrel by 20:21 ET (01:21 GMT). The modest losses came as traders weighed the impact of political and economic developments in the world’s largest oil consumer.
The U.S. Senate approved a bill on Tuesday to reopen the government, with the House of Representatives expected to vote in favor on Wednesday. Once signed into law by President Donald Trump, the measure will officially end the longest shutdown in U.S. history. The prospect of restored federal operations provided some support to crude markets, as the shutdown had caused widespread disruptions across several sectors, including travel and energy logistics.
Airports across the U.S. faced significant challenges due to staffing shortages in air traffic control and safety departments, resulting in thousands of flight cancellations. These disruptions dampened fuel demand, compounding pressure on oil prices even as traders looked for positive signals from Washington.
Meanwhile, concerns over global supply continued to weigh heavily on sentiment. Reports indicated that Russia’s Lukoil declared force majeure at an Iraqi oilfield, a move linked to the tightening U.S. sanctions on Moscow’s energy sector. The development highlighted growing geopolitical risks in global oil markets, but the potential for oversupply—driven by steady output from major producers—remained the dominant theme restraining price recovery.
Overall, traders remain cautious as oil markets balance geopolitical tensions, U.S. policy shifts, and persistent fears of excess supply that could cap price gains in the near term.
