• Oil prices rise on easing trade tensions
  • Asian shares track Wall Street higher
  • Most Gulf stock markets rise
  • Dollar, gold prices steady

Oil prices

Oil prices extended gains early on Wednesday on hopes for a trade deal between the United States and China.

In a post on Twitter, U.S. President Donald Trump said preparations were starting for him to meet Chinese President Xi Jinping at the G20 summit in Osaka, Japan, next week.

Brent crude futures were up 3 cents at $62.17 a barrel by 0330 GMT. They rose 2% on Tuesday.

U.S. West Texas Intermediate crude gained 12 cents to $54.02 a barrel. The U.S. benchmark surged 3.8% in the last session.

“Global demand for crude got a boost on expectations that trade talks are showing some positive signs following President Trump’s tweets,” Edward Moya, senior market analyst at OANDA in New York, told Reuters.

Global markets

Asian shares also rose early on Wednesday on trade deal hopes and as investors awaited the Federal Reserve’s meeting that starts later in the day.

“We expect no real change following the G20 sideline meeting. (But) the fact that both sides are talking should at least postpone thoughts of a further increase in tariffs, for a while at least...,” ING’s Greater China economist Iris Pang said in a note according to a Reuters report.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.5% to a five-week top. Shanghai blue chips firmed 1.7% to a six-week peak.

The Dow ended Tuesday with gains of 1.35%, while the S&P 500 rose 0.97% and the Nasdaq 1.39%. The S&P 500 has surged 6% so far this month to be 1% from the all-time high hit in early May.

Middle East markets

Stock markets in the Gulf mostly rose on Tuesday.

The Saudi index closed 0.3% higher with Al Rajhi Bank gaining 1% and Saudi Basic Industries climbing 0.3%.

Dubai’s index gained 0.6 percent as Emirates NBD, Dubai's largest lender, gained 1.3% and Emaar Malls closed 3.8% higher.

Abu Dhabi’s index edged 0.2 percent higher as Emirates Telecommunications and Abu Dhabi Commercial Bank were up 1% and 1.2%, respectively.

Qatar's index increased 0.3% with Commercial Bank jumping 5%.

Egypt's index fell 0.3 percent with Juhayna Food Industries plunging 4.4 percent.

Kuwait’s premier market index fell 0.8 percent, Bahrain’s index edged up 0.1 percent and Oman’s index edged 0.1 percent lower.

Currencies

The dollar was mainly unchanged early on Wednesday, trading near a two-week high.

The dollar index, which measures the greenback against a basket of six major currencies, was steady at 97.615 after climbing to 97.766 on Tuesday, its highest level since June 3.

Precious metals

Gold prices was also unchanged early on Wednesday.

Spot gold was steady at $1,345.28 as of 0130 GMT.

U.S. gold futures were down 0.1% at $1,349.40 an ounce.

(Reporting by Gerard Aoun; Editing by Mily Chakrabarty)

(gerard.aoun@refinitiv.com)


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