Oil prices cooled on Wednesday as Saudi Arabia said the kingdom had fully restor...
TOKYO - Oil prices cooled on Wednesday as Saudi Arabia said the kingdom had fully restored its oil supply following attacks on its crude facilities although caution ahead of an expected U.S. interest rate cut kept wider financial markets in tight ranges.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.05% while Japan’s Nikkei slid 0.03%.Brent crude futures fell 0.64% to $64.14 a barrel while U.S. West Texas Intermediate crude lost 0.78% to $58.88 per barrel. “I would think a spike in oil prices will likely prove to be short-term given that the global economy isn’t doing too well,” said Akira Takei, bond fund manager at Asset Management One.
Gold was mostly flat at $1,501.70, while the 10-year U.S. Treasuries yield fell to 1.812%, compared to Friday’s high of 1 1/2-month high of 1.908% ahead of the Fed’s policy announcement on Wednesday. Possibly further complicating their discussion, short-term U.S. interest rates shot up this week, with overnight repo rates rising to 7%, due largely to seasonal factors such as huge payments for taxes and bond supply.
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