Oil prices rose on Wednesday as supplies from Russia and OPEC members tightened, while data showing an unexpected increase in U.S. jobs openings pointed to expanding economic activity and consequent growth in oil demand. Brent crude was up 32 cents, or 0.42%, to $77.37 a barrel at 0135 GMT. U.S. West Texas Intermediate crude rose 42 cents, or 0.57%, to $74.67.
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Stocks in Asia followed US peers lower after a selloff in Treasuries on bets the Federal Reserve will delay cutting interest rates due to inflation risks. Equities fell in Sydney, Hong Kong and Tokyo, sending a regional gauge lower. A drop in Big Tech weighed on US trading, with Nvidia Corp. sinking more than 6% as a product presentation left investors wanting more.
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Tata Steel shares will remain in focus on Wednesday, January 8, following the company's Q3 update. Tata Steel India's crude steel production increased by 6% year-on-year and 8% sequentially to 5.68 million tonnes, driven by the commissioning of the 5 MTPA blast furnace at Kalinganagar in September. For the first nine months of FY25, production rose 5% YoY to 16.2 million tonnes.
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