Japan Considers Extra Budget Aid Amid Rising Fuel and Utility Costs 
Gold Prices Steady Ahead of Trump-Xi Meeting as Inflation and Oil Concerns Persist 
Trump Pushes China Market Access During High-Stakes Xi Summit 
Australia Housing Tax Reform Sparks Debate Over Property Investor Tax Breaks 
Asian Stocks Steady as Iran War Concerns Persist Ahead of Trump-Xi Summit 
Wall Street Futures Rise Ahead of Trump-Xi Summit as Tech Stocks Lead Market Rally 
Rubio Discusses Iran Crisis and Strait of Hormuz Disruptions With UK and Australia 
New Zealand Budget 2026 Focuses on Fiscal Discipline and Infrastructure Investment 
OECD Sees Bank of Japan Raising Interest Rates to 2% by 2027 
Asian Currencies Hold Steady as Strong U.S. Inflation Data Boosts Dollar 
Gold Prices Hold Steady as Investors Monitor U.S.-Iran Tensions and Trump-Xi Summit 
Asian Stocks Edge Higher as Tech Shares Rise Ahead of Trump-Xi Beijing Summit 
Trump, Xi Begin High-Stakes China Summit Focused on Trade, Taiwan and Global Tensions 
Havana Protests Erupt as Cuba Faces Severe Blackouts and Fuel Crisis 
Dollar Gains as Fed Rate Hike Bets Rise Ahead of Trump-Xi Summit 
Oil Prices Hold Above $100 as Trump-Xi Meeting and Iran Conflict Keep Markets on Edge 
U.S. Urges China to Help Curb Iran’s Actions in Gulf, Rubio Says 
Brent crude futures for November delivery climbed $1.12, or 1.56%, to $93.10 per barrel by 0611 GMT. The contract expires Monday, with December futures advancing $1.04, or 1.45%, to $92.58. U.S. West Texas Intermediate (WTI) crude futures rose 93 cents, or 1.36%, to $89.11 per barrel.
Despite Monday’s gains, Brent and WTI fell by around 3% and 5%, respectively, last week on concerns over Chinese demand, even with fiscal stimulus measures in the world's second-largest economy and top oil importer.
Escalating Middle East Conflict Fuels Oil Prices
Monday’s price surge was driven by fears that a broader Middle East conflict could involve Iran, a major oil producer and OPEC member. Israel has stepped up attacks on Iranian-backed Hezbollah and Houthi militants, stoking concerns of potential supply disruptions. Priyanka Sachdeva, senior market analyst at Phillip Nova, noted that investors are closely monitoring the risk of a region-wide conflict affecting key oil-producing areas.
Hamas reported that an Israeli strike killed its leader in Lebanon, while another Palestinian militant group announced the deaths of three leaders in a Beirut strike. Israel launched airstrikes against Houthi militia targets in Yemen and Hezbollah positions in Lebanon on Sunday.
OPEC+ Cuts and China's Demand in Focus
According to Tony Sycamore, market analyst at IG, oil prices are likely to be influenced by supply-demand dynamics, particularly as OPEC+'s voluntary supply cuts are set to end on December 1. WTI may test its 2021 lows in the $61-$62 range. Despite China’s recent economic stimulus, uncertainties persist regarding fuel demand due to ongoing electrification and decarbonization efforts in the transportation sector.
China’s manufacturing sector contracted for a fifth straight month in September, with the services sector also slowing sharply. Markets are anticipating Federal Reserve Chair Jerome Powell's speech later Monday, which could provide insight into the central bank's approach to monetary easing. "The response of demand to easing rates and the revival of Chinese demand following recent stimulus will shape future oil market dynamics," Sachdeva added.
