Asia Stocks Rise as Oil Prices Falter Amid Increased Supply
Asian stocks rose for a sixth consecutive session on Wednesday, driven by strong demand for AI apps and technological advancements. The trend is expected to continue, with analysts predicting another move lower in crude oil prices.
The data hardware sector has been particularly buoyed by the success of Apple's Muse agent, which has topped US app download charts in the past two weeks. Analysts are now keen to see how a similar product from Meta Labs known as CC will fare with consumers.
Meanwhile, oil prices faltered on reports of increased supply out of the Middle East. Saudi Arabia had restarted operations at its East-West Pipeline and may have already resumed exports from the Red Sea port of Yanbu.
The news weighed on oil futures, which fell 0.4% to $90.14 a barrel. The dip in oil prices helped Treasury futures nudge higher, keeping yields below the 5.0% pain barrier.