Oil prices edged lower on Friday but were on track to gain nearly 4% for the week as sharp declines in U.S. crude and fuel inventories, drone strikes on Russian refineries and a rise in energy demand forecasts buoyed prices.
The dollar was firm on Friday and set to snap a three-week losing streak as hotter-than-expected U.S. inflation data stoked worries about when and by how much the Federal Reserve would start cutting interest rates this year.
Most Asian stocks stuck to a tight range on Thursday in anticipation of more cues on U.S. inflation and interest rates, while losses in Japanese markets extended into a fourth straight session amid persistent jitters over the Bank of Japan.
Oil extended gains in Asian trade on Thursday after a surprise drop in U.S. crude stockpiles indicated strengthening demand, while possible supply disruptions following Ukrainian attacks on Russian refineries also underpinned prices.
U.S. Treasury Secretary Janet Yellen on Wednesday said President Joe Biden's administration is taking steps to ensure success of the domestic electric vehicle (EV) industry in the face of China's growing exports in the sector and heavy government subsidies.
Corporate dividends globally hit an all-time high of $1.66 trillion in 2023, with record payouts by banks making up half of the growth, a report showed on Wednesday.