06.10. Oil holds multi-year highs as Asian stocks continue to fall

News for today, October 6th:

Asian stocks kept falling on Wednesday: According to analysts, extremely high oil prices cause an instant market reaction to any changes in the global context and any hint of bad news, such as a rate hike by New Zealand's central bank.

Oil has stabilized at multi-year highs amid concerns over energy supplies and Monday's decision by the OPEC+ group of producers to stick to planned production increases rather than boost production further. The dollar grew on Wednesday amid concerns that rising energy prices could spur inflation and interest rates, while traders await U.S. employment data that will help understand the timing of the Federal Reserve's policy tightening. The data is due to be released on Friday and will prove decisive in determining the Fed's policy, especially if the figures turn out impressive or disappointing.

Uncertainty about Evergrande's fate roiled Chinese property developers' bonds and Hong Kong-listed shares and bonds on Tuesday following fresh credit rating downgrades. US crude rose to its highest level since 2014 but eventually declined 0.15% to $ 78.81 a barrel. Brent crude fell 0.07% to $ 82.46 a barrel after hitting a three-year high in the previous session. The euro was below $ 1.16 against the dollar, barely above the 14-month low of $ 1.1563 hit last week.

At this moment, the price of Brent crude is $ 82,88 per barrel, WTI — $ 79,21. EUR/USD is at 1.1568, GBP/USD —1.3567, gold is at $ 1,749.52 per ounce.