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Commodity News Details
Oil edges up from one week low but gains capped in volatile trades
10-Oct-2024 17:32
WTI Crude oil futures edged up from one week low today but saw upside resistance amid elevated US inventories and mixed equities globally. The counter hit around $74.60 per barrel in intraday moves before reversing direction and currently trades at $74.12 per barrel, up 1.20% on the day. Oil has rebounded this month with a gain of 8.60% so far after shedding more than 7% in September 2024. Asian stocks rose after recent volatility. China's Shanghai Composite index jumped 1.30%. Hong Kong's Hang Seng index added 3%. Japanese Nikkei index ended up 0.26%. European markets saw modest losses. The US stocks gained yesterday amid steady buying support as investors assessed the minutes of the Federal Reserve's most recent policy meeting and risk appetite generally remained good. The major equity averages all closed on an upbeat note, with the Dow and S&P 500 hitting fresh record highs.

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