Commodities Market Live Today: Oil prices tick up as markets zoom in on supply tightness

Oil prices edged higher on Thursday, after dipping slightly in the previous session, as markets refocused on expectations of tight crude supply for the rest of 2023.

International benchmark Brent futures climbed 17 cents to $92.05 a barrel at 12:02 GMT, while U.S. West Texas Intermediate crude (WTI) rose 19 cents to $88.71.

Saudi Arabia and Russia’s extension of oil output cuts to the end of 2023 will mean a substantial market deficit through the fourth quarter, the International Energy Agency (IEA) said on Wednesday, as it largely stuck by its estimates for demand growth this year and next.

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024. – Reuters

Stock Market Live Today: Mixed Wall Street close amidst persistent inflation slowdown

On Wednesday, Wall Street experienced a mixed close, while U.S. Treasuries stayed within a narrow range. This came after data revealed that underlying inflation was continuing its gradual decline, reinforcing the expectation that the Federal Reserve will maintain current interest rates.

The Dow Jones Industrial Average declined by 70.1 points, equivalent to a 0.2% decrease, closing at 34,575.89. In contrast, the S&P 500 saw a modest gain of 5.59 points, a 0.13% increase, closing at 4,467.49. The Nasdaq Composite showed a more substantial rise, adding 39.96 points, or 0.29%, closing at 13,813.59.

Stock Market Live Updates: Asian stocks rise on Wall Street’s optimism over Fed’s rate hike pause

Asian stocks showed a positive trend driven by cautious optimism, as the majority of Wall Street investors appeared to overlook a US inflation report that fell in line with expectations. This reinforced the belief that the Federal Reserve might pause its rate hikes, though it’s important to note that this doesn’t necessarily signify the end of such actions.

Equity markets in Japan and South Korea experienced modest gains, while Australia’s stocks also saw a slight uptick in anticipation of an August jobs report.

As of 6:45 am, the Nikkei 225 index exhibited a decrease of 0.21 per cent, trading at 32,706.52, whereas the Topix index recorded a gain of 0.44 per cent, reaching 2,389.20. Meanwhile, South Korea’s KOSPI index was trading 0.54 per cent higher at 2,547.65, and Australia’s S&P/ASX 100 index was up 0.28 per cent at 6,028.5.