Gold Price Ends Lower for Fourth Week Despite Rebound as Fed Rate Hike Bets Strengthen 
Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
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 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
Australia Jobs Growth Strengthens Rate Hike Outlook 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
U.S. Dollar Reaches One-Year High as Tech Sell-Off and Fed Rate Hike Expectations Support Demand 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Oil prices were mostly steady during Asian trading on Friday, yet both benchmark crude contracts remained on track for weekly losses after a sharp selloff in the previous session. Brent crude futures for April delivery edged up 0.1% to $67.56 per barrel, while West Texas Intermediate (WTI) crude rose 0.1% to $62.87 per barrel. Despite the modest rebound, both benchmarks fell nearly 3% in the prior session, positioning them for around a 1% decline for the week.
Market sentiment has been pressured by growing concerns about a potential global oil supply glut. The International Energy Agency (IEA), in its latest monthly oil market report, projected a surplus of more than 3.7 million barrels per day in 2026. The agency also noted that global oil inventories increased significantly last year, marking one of the fastest stockpile builds since the pandemic. Rising inventories and resilient non-OPEC production have intensified fears of prolonged oversupply in the global energy market.
Adding to bearish sentiment, the U.S. Energy Information Administration (EIA) reported an 8.53 million barrel jump in crude inventories this week, far exceeding market expectations and representing the largest build since January 2025. The sharp increase signals softer refinery demand and abundant supply in the United States, the world’s largest oil consumer.
Meanwhile, geopolitical developments remain in focus. Comments from former U.S. President Donald Trump suggesting that negotiations over a potential U.S.-Iran nuclear deal could extend for up to a month reduced immediate concerns about supply disruptions from the Middle East. This tempered the geopolitical risk premium that had previously supported crude oil prices.
Investors are also awaiting key U.S. consumer price index (CPI) data, which could influence Federal Reserve interest rate decisions. Strong January jobs data has already dampened expectations for near-term rate cuts, adding another layer of uncertainty to the oil market outlook.
