Oil pared losses after an industry report showed a decline in U.S. crude supplies.
The U.S. dollar remained on the back foot against major peers on Wednesday after a two-day drop as U.S. Federal Reserve officials including Chair Jerome Powell reaffirmed that tighter monetary policy was still some way off.
The Nasdaq ended at a record high on Tuesday, lifted by Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT) and other top-shelf tech companies as investors shifted their focus to growth stocks.
Asia Pacific stocks were mostly up Wednesday morning, with reassuring comments from U.S. Federal Reserve officials on inflation and monetary policy starting to calm investors’ frayed nerves.
Oil was steady in early Asian trading after jumping the most in four weeks amid signs of a rapidly tightening U.S. market.
Gold held an advance as investors weighed comments by Federal Reserve Chair Jerome Powell, who reiterated that higher inflation will likely be transitory.