The Bank of Korea last month kept its policy interest rate at 3.50%, the highest since late 2008, but revived expectations for an imminent policy easing, which some analysts expect as early as its next meeting on Oct. 11.
Most Asian currencies moved in a flat-to-low range on Thursday, while the dollar firmed as a strong reading on U.S. consumer inflation dashed hopes that the Federal Reserve will cut interest rates by a wide margin.
Both contracts rose by more than 2% in the previous session as offshore platforms in the U.S. Gulf of Mexico were shut and refinery operations on the coast were disrupted by Hurricane Francine’s landfall in southern Louisiana on Wednesday.
Bitcoin’s price rose on Thursday, tracking a broader rally in risk-driven markets, particularly stocks, although the cryptocurrency still remained fragile following steep losses through the prior week.
Crude oil for October delivery was up 1.43% or 0.96 to $68.27 a barrel. Elsewhere in commodities trading, Brent oil for delivery in November rose 1.35% or 0.95 to hit $71.56 a barrel, while the December Gold Futures contract rose 0.13% or 3.35 to trade at $2,545.75 a troy ounce.
European shares opened higher on Wednesday, boosted by the tech and basic resources sectors, while investors awaited a key U.S. inflation reading for clues on the Federal Reserve’s interest rate decision next week.
The Japanese yen was among the biggest beneficiaries of this trade, with increased safe haven demand after the debate putting the yen at its strongest level since early-January. The yen also benefited from somewhat hawkish-leaning comments from Bank of Japan officials.
U.S. crude stocks fell by 2.793 million barrels, gasoline declined by 513,000 barrels and distillates inventories rose by 191,000 barrels, according to market sources citing the latest week’s American Petroleum Institute figures on Tuesday.
Bitcoin’s price fell on Wednesday, tracking a wider decline in risk-driven assets as a heated presidential debate presented the prospect of a hotly contested 2024 presidential election.
Crude oil for October delivery was up 2.14% or 1.41 to $67.16 a barrel. Elsewhere in commodities trading, Brent oil for delivery in November rose 1.94% or 1.34 to hit $70.53 a barrel, while the December Gold Futures contract rose 0.37% or 9.30 to trade at $2,552.40 a troy ounce.
