Oil Prices Stabilize as Asian Stocks Rise Amid Inflation Concerns

Stocks in Asia rose modestly on Wednesday as oil prices stabilized after a sharp decline the previous day. Brent crude shed over two percent and West Texas Intermediate lost more than three percent to fall below US$90 per barrel. However, both benchmarks edged back up in early Asian trade.

The spike in crude prices has heightened inflation concerns and put pressure on central banks to raise interest rates. The US 30-year Treasury yield reached a 24-year high of over 5.6%, while the benchmark 10-year yield stood above 5.2% and at its highest since 2007.

Investors are awaiting the release of personal consumption expenditure data for October, which could influence the Federal Reserve's decision-making on interest rates next month. While the jobs market is seen as important, officials are focused on bringing down prices, and an above-forecast reading could make a second successive rate hike almost certain.