S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Asian Stocks Slip as US-Iran Ceasefire Hopes Lift Oil, Dollar Strength Persists 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
China Factory PMI Seen Returning to Growth in June as AI Export Demand Supports Economy 
Gold Price Ends Lower for Fourth Week Despite Rebound as Fed Rate Hike Bets Strengthen 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
China Expands Export Controls, Adds 20 Japanese Companies to Restricted List 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
Japan Targets 1%+ Real Economic Growth With ¥370 Trillion Investment Plan 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Oil prices remained stable in Asian trading on Friday, poised for their strongest weekly gain since early January. Supply disruptions continued to support the market, despite a larger-than-expected rise in U.S. crude inventories.
Brent crude futures held at $76.45 per barrel, while West Texas Intermediate (WTI) crude remained at $72.28. Both benchmarks were on track for a nearly 2.5% weekly gain, driven by concerns over global supply constraints.
Kazakh oil exports via the Caspian Pipeline Consortium (CPC) dropped 30-40% after a Ukrainian drone strike hit Russia’s Kropotkinskaya pumping station. Meanwhile, Russia intensified attacks on Ukraine’s energy infrastructure, damaging key gas production sites in Kharkiv.
In the U.S., severe cold weather in North Dakota disrupted operations, cutting oil production by 120,000 to 150,000 barrels per day, further tightening supply. Additionally, reports indicate OPEC+ may delay planned production increases, adding to market uncertainty.
However, potential restarts of oil flows from Iraq’s Kurdistan region could help offset some of these supply constraints, according to analysts at ING.
Despite supply concerns, U.S. crude inventories rose by 4.6 million barrels to 432.5 million, exceeding expectations of a 3.1 million-barrel increase, signaling weaker demand. However, gasoline and distillate stockpile declines of 151,000 and 2.1 million barrels, respectively, suggested steady fuel consumption.
The rise in crude stocks alongside falling refined product inventories highlights complex supply-demand dynamics, with refiners likely reducing intake due to maintenance or lower margins. Meanwhile, strong end-user demand continues to provide price support.
