Commodities
Asian Markets Mixed as Oil Prices Soar and Fed Decision Looms
Asian markets were mixed in cautious trading on Wednesday as investors watched for signs of what might happen next on interest rates and oil prices.
The war in Iran has pushed Brent crude to $99.30 a barrel, up 1.4% from the previous day, with benchmark U.S. crude rising 1.2% to $94.17 a barrel.
On Tuesday, U.S. stocks fell as markets reopened after a three-day weekend, with the S&P 500 sinking 0.6%, the Dow Jones Industrial Average dropping 1.2%, and the Nasdaq composite dipping 0.3%.
The Federal Reserve meets next week to decide whether to cut, raise or hold interest rates steady, with economists expecting a rate hike due to high inflation, which remains above the Fed's target of 2%.