US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Japan Signals Preference for Low Interest Rates as BOJ Policy Debate Intensifies 
White House Seeks $87.6 Billion Emergency Funding for Iran War, Farmers, and Ebola Response 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
Gold Falls Below $4,000 as Strong Dollar and Fed Rate Hike Expectations Weigh on Prices 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
Australia Jobs Growth Strengthens Rate Hike Outlook 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
Oil prices extended their rally for a second consecutive day on Wednesday as signs of tightening supply supported the market. Brent crude futures inched up 27 cents to trade at $67.90 per barrel by 0005 GMT, while U.S. West Texas Intermediate (WTI) futures gained 28 cents to $63.69. Both benchmarks had climbed more than $1 per barrel on Tuesday, driven by stalled negotiations over resuming exports from Iraq’s Kurdistan region.
Talks between Iraq’s federal government, the Kurdish regional government, and international oil companies aimed at restarting pipeline shipments to Turkey have hit a roadblock. The proposed deal would have allowed around 230,000 barrels per day (bpd) of crude exports to resume. However, demands for debt repayment guarantees have delayed progress, leaving pipeline flows halted since March 2023.
Further supporting prices, data from the American Petroleum Institute (API) revealed that U.S. crude and gasoline inventories dropped last week, while distillate stockpiles increased. According to market sources, crude stocks fell by 3.82 million barrels in the week ending September 19, with gasoline inventories declining by 1.05 million barrels. Distillates, however, posted a rise of 518,000 barrels. Traders are now awaiting official U.S. Energy Information Administration (EIA) data, which is expected to show increases in both crude and gasoline supplies, alongside a fall in distillates.
Concerns over supply are further amplified by restrictions in Venezuela. Chevron, a major U.S. oil company, will reportedly be able to export only about half of the 240,000 bpd it produces in partnership with state-run entities. Although the company secured authorization in July to continue operations in the sanctioned nation, new regulatory limits mean less Venezuelan heavy, high-sulphur crude will reach the U.S.
With shrinking inventories, delayed Iraqi exports, and constrained Venezuelan shipments, the global oil market faces renewed upward pressure, fueling expectations of tighter supply in the months ahead.
