Oil was down Thursday morning in Asia. The black liquid extended declines after Iran and world powers agreed to resume nuclear talks later in the month, which could lead to the removal of U.S. sanctions on Iranian oil and increase global supplies.
Major Wall Street indexes posted solid gains and marked closing record highs as the Federal Reserve said it will begin trimming its monthly bond purchases in November with plans to end them in 2022, an announcement that investors had been expecting.
Share markets firmed on Thursday after the U.S. Federal Reserve engineered an orderly start to unwinding its massive stimulus programme, though doubts about the inflation outlook did push up longer-dated bond yields.
Gold was down on Wednesday morning in Asia, with the focus squarely on the latest U.S. Federal Reserve policy decision. Investors will assess the U.S. central bank’s plans to combat rising inflation and calm worries about the economic recovery from COVID-19.
The dollar held within striking distance of the year’s peaks on the euro and yen on Wednesday, as investors looked for the Federal Reserve to begin unwinding pandemic-era policy support faster than central banks in Europe and Japan.
Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply.