Investing.com-- Oil prices were steady in Asian trading on Tuesday, holding on to gains from the previous session as OPEC+ reaffirmed it will pause production increases in the first quarter, while traders continued to assess supply risks stemming from geopolitical tensions.
Most Asian stock markets edged higher on Tuesday, lifted by growing expectations of a Federal Reserve rate cut next week, while Japanese stocks struggled amid signals the Bank of Japan may raise interest rates.
Oil prices climbed in early trade on Tuesday for a second consecutive session as market participants assessed risks stemming from Ukrainian drone strikes on Russian energy sites and mounting U.S.-Venezuela tensions.
The U.S. dollar remained under pressure on Tuesday as weaker-than-expected manufacturing activity data from the world’s biggest economy heaped pressure on the Federal Reserve to cut interest rates at its policy meeting later this month.
Malaysian manufacturers were increasingly confident as new orders surged in November to their highest in more than three years.
A eurozone inflation reading that’s likely to stay close to 2% should be enough to satisfy officials that they can avoid tweaking interest rates in December.