Globally,Crude oil prices rebounded on Wednesday as demand recovery hopes in top importer China.Brent crude futures gained 59 cents, or 0.7%, to $86.72 per barrel after falling 2.3% in the previous session. U.S. WTI crude futures rose 46 cents, or 0.6%, to $80.59 per barrel, having dropped 1.8% on Tuesday.The economic worries were exacerbated by a bigger-than-expected build in U.S. oil inventories that was reported after the market settled on Tuesday.U.S. crude stocks rose by about 3.4 million barrels in the week ended Jan. 20.The Australian dollar jumped to a more than five-month high on Wednesday after inflation data came in hotter than expected, while the kiwi slipped after New Zealand's fourth-quarter inflation rose less than what its central bank had forecast.The euro held near a nine-month peak against the dollar, as traders weighed a rosier growth outlook for the euro zone against growing signs of a looming U.S. recession.Most Asian equity markets edged higher on Wednesday.The S&P 500 ended nominally lower on Tuesday at the close of a rocky session marked by a raft of mixed earnings and a technical malfunction at the opening bell.The Nasdaq joined the S&P 500 in negative territory, while the Dow ended modestly higher.Microsoft shares surged more than 4% after-hours following the company’s reported Q2 results, with EPS of $2.32 coming in better than the consensus estimate of $2.30.Gold prices steadied near a nine-month high on Wednesday as fears of a looming recession kept safe haven demand elevated, while copper prices rose on expectations that a recovery in Chinese demand will help offset slowing consumption in other countries. Spot gold was flat at $1,937.64 an ounce.The yellow metal’s spot price narrowed the gap with the futures contract, ahead of the latter’s expiry in February. Rupee fell sharply after gaining most in the last few sessions. Ahead of budget nervousness and buying from importers at higher and lower prices triggered further downswing.
With inputs from Reuters
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