US Signals Openness to New Trade Deal as Brazil Shows Willingness, Says USTR Greer 
Fed’s Dovish Tone Sends Dollar Lower as Markets Price In More Rate Cuts 
S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
Indonesia–U.S. Tariff Talks Near Completion as Both Sides Push for Year-End Deal 
Wall Street Futures Dip as Broadcom Slides, Tech Weighed Down Despite Dovish Fed Signals 
Australia’s Labour Market Weakens as November Employment Drops Sharply 
Global Forex Markets Brace for Fed Decision as Yen Extends Weakness 
Japan Weighs New Tax Breaks to Boost Corporate Investment Amid Spending Debate 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Asian Stocks Slip Ahead of Fed Decision as China Deflation Concerns Deepen 
U.S. Dollar Slides for Third Straight Week as Rate Cut Expectations Boost Euro and Pound 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
Oil prices climbed in Asian trading on Wednesday as investors digested a mixed U.S. crude inventory report and assessed the broader supply outlook ahead of a modest production increase by OPEC+ in November.
As of 22:11 ET (02:11 GMT), Brent crude futures for December delivery rose 0.7% to $65.91 per barrel, while West Texas Intermediate (WTI) crude gained 0.8% to $62.23 per barrel. Both benchmarks were little changed in the prior session after volatile trading, reflecting market uncertainty around demand and supply dynamics.
According to data from the American Petroleum Institute (API), U.S. crude inventories grew by 2.78 million barrels in the week ending October 4, exceeding expectations of a 2.25 million-barrel rise. The increase marked a reversal from the previous week’s 3.67 million-barrel draw, signaling weaker demand and raising short-term bearish sentiment.
However, the API also reported declines in gasoline and distillate stocks, down 1.3 million and 1.8 million barrels respectively. The fall suggests steady fuel consumption despite reduced refinery runs amid seasonal maintenance. Traders are now awaiting confirmation from the U.S. Energy Information Administration (EIA)’s official data later Wednesday, which could further influence price direction.
The modest rebound in oil prices follows last week’s decision by OPEC+ to raise output by 137,000 barrels per day in November, mirroring October’s increase. The move underscores the alliance’s cautious approach to balancing market stability while slowly reclaiming market share.
Meanwhile, U.S. oil production continues to approach record highs. The EIA revised its 2025 forecast upward to 13.53 million barrels per day, citing stronger output from the Permian Basin and the Gulf of Mexico. The agency also cautioned that rising crude inventories may keep pressure on prices through year-end, even as fuel demand remains resilient.
