Oil Prices Steady as Investors Assess Fed Outlook
Oil prices remained steady in early Asian trade on October 1, after rising sharply in the previous session. Investors were assessing the outcome of US-Iran peace talks and the outlook for Middle East crude exports. Brent crude futures rose 12 cents to $98.15 a barrel, while US West Texas Intermediate crude fell 7 cents to $90.35 a barrel.
Gold prices held firm as softer inflation data reduced expectations of a near-term Federal Reserve rate hike. The Fed's preferred measure of underlying inflation, the personal consumption expenditure price index excluding food and energy, rose a less-than-expected 0.2% in August. Gold was trading around $4,155 an ounce.
The dollar held near a two-month high on Thursday, supported by an extended rise in US Treasury yields driven by concerns over persistent global price pressures stemming from the Middle East war. The euro and sterling were marginally lower against the dollar, weighed down by Europe's debt and energy worries.