Oil prices gained ground on Wednesday but reduced the gains after US inventory data, which showed an unexpected buildup last week.
The Energy Information Administration reported a buildup of 3.9 million barrels in US crude stocks last week to a total of 416.9 million barrels, while analysts expected a drop of 1.5 million barrels.
Gasoline stocks rose 1.1 million barrels to 221.2 million barrels, while distillate stocks fell by 1.3 million barrels to 121.6 million barrels.
Israel said that Iran launched over 180 ballistic missiles at its territory, with Iran’s Revolutionary Forces saying the attack is a response to Israel’s assassination of Ismael Heniyeh and Hassan Nasrallah.
There were no reports of injuries in Israel, and it comes after a similar Iranian attack in April that didn’t leave a lasting damage or impact on the financial markets.
On trading, Brent December futures rose 0.45%, or 34 cents to $73.90 a barrel.
US crude futures due in November rose 0.4%, or 27 cents to $70.10 a barrel.
Most cryptocurrencies fell on Wednesday as the risk appetite kept waning, while investors headed for safe havens amid mounting geopolitical tensions in the Middle East.
Israel said that Iran launched over 180 ballistic missiles at its territory, with Iran’s Revolutionary Forces saying the attack is a response to Israel’s assassination of Ismael Heniyeh and Hassan Nasrallah.
There were no reports of injuries in Israel, and it comes after a similar Iranian attack in April that didn’t leave a lasting damage or impact on the financial markets.
Otherwise, earlier US data showed the private sector added 143 thousand new jobs in September, above expectations of 128 thousand, and up from 103 thousand in August.
According to the Fedwatch tool, the odds of a 0.5% Fed interest rate cut in November stood at just 36%, with a 64% chance of a 0.25% rate cut.
Ethereum
On trading, ethereum fell 1.5% as of 17:37 GMT to $2440.4.
Most US stock indices inched down on Wednesday as the markets assess the latest developments in the Middle East.
Israel said that Iran launched over 180 ballistic missiles at its territory, with Iran’s Revolutionary Forces saying the attack is a response to Israel’s assassination of Ismael Heniyeh and Hassan Nasrallah.
There were no reports of injuries in Israel, and it comes after a similar Iranian attack in April that didn’t leave a lasting damage or impact on the financial markets.
Otherwise, earlier US data showed the private sector added 143 thousand new jobs in September, above expectations of 128 thousand, and up from 103 thousand in August.
According to the Fedwatch tool, the odds of a 0.5% Fed interest rate cut in November stood at just 36%, with a 64% chance of a 0.25% rate cut.
On trading, Dow Jones fell 0.1%, or 36 points to 42120 points as of 16:14 GMT, while S&P 500 fell 0.1%, or 8 points to 5700, as NASDAQ was little changed at 17,909.
Bitcoin rose on Wednesday for the first time in four sessions away from two-week lows, holding above the psychological barrier of $60,000.
The gains came amid negative pressures dominating the global markets, with geopolitical risks deteriorating in the Middle East, while US treasury yields rallied after strong US labor data.
The Price
Bitcoin rose 1.9%% at Bitstamp today to $61,928, with a session-low at $60,721.
On Tuesday, bitcoin slumped 3.9%, the third loss in a row, marking two-week lows at $60,164 amid rising risk aversion.
Crypto Market Value
The market value of cryptocurrencies rose by over $30 billion today to $2.270 trillion as both bitcoin and ethereum rebounded.
Geopolitical Tensions
Israel said that Iran launched over 180 ballistic missiles at its territory, with Iran’s Revolutionary Forces saying the attack is a response to Israel’s assassination of Ismael Heniyeh and Hassan Nasrallah.
There were no reports of injuries in Israel, and it comes after a similar Iranian attack in April that didn’t leave a lasting damage or impact on the financial markets.
Israel has just begun its ground attack on southern Lebanon, with the government vowing severe punishment and retaliation for any attack on its citizens.
US Yields
US 10-year treasury yields rose 1.3% today on track to hit multi-week highs, which hurts risk appetite.
The gains came after data showed the US private sector added more jobs than expected last month.
According to the Fedwatch tool, the odds of a 0.5% Federal Reserve interest rate cut in November fell from 39% to 35%, while the odds of a 0.25% rate cut rose to 65%.