Oil was up Thursday morning in Asia as U.S. crude supplies fell to multimonth lows. However, volatility remained as the recovery from COVID-19 remains uneven and impacts fuel demand.
The dollar hovered below a two-week high on Thursday, consolidating ahead of a key U.S. jobs report that may provide clues on when the Federal Reserve will dial back monetary stimulus.
The Dow Jones Industrial Average ended at a record high on Wednesday, driven higher by energy and other economically sensitive sectors, while the Nasdaq closed in red as megacap growth stocks slipped.
Asian shares rose on Thursday and commodity prices held near multi-year highs as investors switched to cyclicals amid hopes of a strong economic recovery, while the Australian dollar fell after China said it would end economic dialogue with Canberra.
Gold was down on Wednesday morning in Asia as investors digested U.S. Treasury Secretary Janet Yellen’s comments about the possibility of interest rate hikes.
Oil was up Wednesday morning in Asia over a record fall in U.S. crude oil supplies and growing expectations that re-opening drives in the U.S. and Europe will boost fuel demand. However, investors are also keeping an eye on ever-surging numbers of COVID-19 cases in parts of Asia.