Oil prices in Asia increase as global central bank meetings approach and market monitors Israel-Hamas conflict. Crude prices stabilize before key Treasury issuance update and FOMC rate decision. Geopolitical risks offsetting high U.S. production levels.
SINGAPORE - Oil prices edged up in early Asian trade on Wednesday ahead of key global central bank meetings this week including the U.S. Federal Reserve, as the market also closely watches the latest developments in the Israel-Hamas conflict.
"Crude prices are steadying ahead of a key issuance update by the Treasury and FOMC rate decision," said Edward Moya, senior market analyst at OANDA, referring to the Federal Open Market Committee that sets the direction of U.S. monetary policy. Interest rate hikes aimed at taming inflation can slow economic growth and reduce oil demand, while rate cuts to spur spending could increase oil consumption.
While the market is now tightening at a moderate pace, it "may become very tight in a more distant future," although productivity and oil demand trends will also be critical, the analysts added.In the Middle East, Israeli airstrikes hit a densely populated refugee camp in the Gaza Strip on Tuesday, killing at least 50 Palestinians and a Hamas commander.
The former GOP lawmaker in his new book detailed how Kelly arrived to one breakfast "looking gaunt and exhausted" as he sought to discuss Afghanistan.
Oil Prices Central Bank Meetings Israel-Hamas Conflict Crude Oil Inventories Economic Growth Inflation Oil Demand Rate Cuts Treasury Issuance Update FOMC Rate Decision
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World Bank Warns of Potential Oil Price Surge Amid Israel-Hamas ConflictThe World Bank has warned that oil prices could reach unprecedented levels if the violence between Israel and Hamas escalates, leading to increased food prices globally. The bank's report highlights the potential impact on oil prices in different scenarios of the conflict.
Read more »
Oil prices could reach 'uncharted waters' if the Israel-Hamas war escalates, says World BankThe World Bank warns that oil prices could reach unprecedented levels if the conflict between Israel and Hamas intensifies.
Read more »
Oil Slips as Concerns Ease about Israel-Hamas WarOil prices dropped more than 1% as concerns eased about the Israel-Hamas war affecting oil supply from the region. Investors also adopted caution ahead of the U.S. Federal Reserve meeting and other indications of global economic health.
Read more »
Oil Slips as Concerns Ease Over Israel-Hamas WarOil prices fell more than 1% as worries about the Israel-Hamas war affecting supply eased and investors became cautious ahead of the U.S. Federal Reserve meeting and other indicators of global economic health.
Read more »
Oil prices could reach 'uncharted waters' if the Israel-Hamas war escalates, the World Bank saysWASHINGTON (AP) — The World Bank reported Monday that oil prices could be pushed into “uncharted waters” if the violence between Israel and Hamas intensifies...
Read more »
Israel-Hamas conflict risks pushing oil prices into ‘unchartered waters’: World BankThe World Bank report published Monday simulates three scenarios for the global oil supply in the event of a small, medium or large disruption.
Read more »