Oil prices rose on Friday, extending a rally sparked by output disruptions in the U.S. Gulf of Mexico, where Hurricane Francine forced producers to evacuate platforms before it hit the coast of Louisiana.
Most Asian stocks rose on Friday as focus turned to the Federal Reserve’s first potential interest rate cut in over four years, with Hong Kong markets leading gains on bargain buying into local technology heavyweights.
The dollar slumped to its lowest this year on Friday versus the yen while gold hit a record high as investors ratcheted up bets for a super-sized Federal Reserve interest rate cut next week.
Asian shares bounced on Thursday, tracking a tech-driven rally on Wall Street, while the dollar held onto gains after U.S. core inflation surprised slightly on the upside and dashed hopes of a large rate cut by the Federal Reserve next week.
Oil prices were flat on Thursday as concerns about lower demand erased the gains from the previous session spurred by Hurricane's Francine's impact on output in the U.S., the world's biggest crude producer.
The dollar traded near a four-week high versus the euro on Thursday after signs of some stickiness in U.S. inflation reinforced expectations that the Federal Reserve would avoid a super-sized interest rate cut next week.