Globally, Oil prices rose in early trade on Wednesday, hovering near 10-month highs hit the previous day, as a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output reinforced fears of tight crude supply for the rest of 2023. Global benchmark Brent crude futures climbed 6 cents, or 0.1%, to $94.40 a barrel , staying near the highest since November of $95.96 hit on Tuesday.China kept benchmark lending rates unchanged at a monthly fixing on Wednesday, in line with expectations, as fresh signs of economic stabilisation and a weakening yuan reduced the need for immediate monetary easing.The one-year loan prime rate (LPR) was kept at 3.45%, while the five-year LPR was unchanged at 4.20%.Asian stocks struggled for headway on Wednesday while 10-year U.S. Treasury yields stood at 16-year highs as surging oil prices drive inflation and set the scene for the Federal Reserve to project interest rates staying higher for longer.The yen hit a 10-month trough of 147.95 to the dollar late last week and it traded at 147.80 early on Wednesday.Rising yields have kept a lid on gold prices, with spot gold last trading at $1,929 an ounce.The Indian rupee, hovering near a record low, is expected to remain under pressure.
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