Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
Australia’s Labour Market Weakens as November Employment Drops Sharply 
Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
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Fed Rate Cut Signals Balance Between Inflation and Jobs, Says Mary Daly 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
Hong Kong Cuts Base Rate as HKMA Follows U.S. Federal Reserve Move 
Brazil Holds Selic Rate at 15% as Inflation Expectations Stay Elevated 
Japan Weighs New Tax Breaks to Boost Corporate Investment Amid Spending Debate 
Oil Prices Edge Higher as U.S. Seizes Sanctioned Venezuelan Tanker 
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
Wall Street Futures Slip as Oracle Earnings Miss Reignites AI Spending Concerns 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
Gold Prices Hold Firm as Markets Await Fed Rate Cut; Silver Surges to Record High 
Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook 
Asian Stocks Slip as Oracle Earnings Miss Sparks AI Profitability Concerns 
Oil prices hovered near two-week highs in early Wednesday trading, supported by a U.S.-China tariff truce and a weakening dollar. Brent crude slipped 10 cents to $66.53 per barrel, while U.S. West Texas Intermediate (WTI) dipped 7 cents to $63.60. Both benchmarks had surged over 2.5% the previous day.
The U.S. and China agreed to ease tariffs for 90 days, with the U.S. reducing duties to 30% from 145% and China cutting import taxes to 10% from 125%. This trade pause helped ease market concerns about global demand, pushing oil prices up over $1.60 on Tuesday.
Additionally, the dollar index dropped 0.67% following softer-than-expected U.S. inflation data. A weaker dollar typically boosts oil demand by making it cheaper for foreign buyers.
Rystad Energy analysts noted the tariff rollback has reduced "demand-side pessimism" but warned of potential lingering impacts. U.S. inventory data added further support. According to the American Petroleum Institute, gasoline inventories fell by 1.4 million barrels and distillate stocks dropped 3.7 million barrels, signaling strong fuel consumption. However, crude inventories rose by 4.3 million barrels, contrary to analysts’ expectations of a 1.1 million-barrel draw.
Markets await official figures from the U.S. Energy Information Administration due later today. Meanwhile, President Donald Trump’s Gulf visit is in focus. He announced the lifting of sanctions on Syria and a $600 billion Saudi investment in the U.S. Rystad’s Mukesh Sahdev said Trump aims to stabilize summer oil prices, possibly by expanding U.S. Middle East crude reserves.
Geopolitical risks also persist. The U.S. imposed new sanctions on 20 firms linked to Iran’s oil exports to China amid nuclear talks, raising concerns over future supply disruptions.
