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Oil Prices Hold Steady Amid Economic Concerns Despite Red Sea Worries

Oil Prices Hold Steady Amid Economic Concerns Despite Red Sea Worries

Oil prices stabilised in early Asian trade on Wednesday after sharp moves earlier in the week, as markets weighed concerns about the U.S. economy and potential supply disruptions from ongoing tensions in the Red Sea.

However, the market fell in the previous session as market optimism about early and aggressive U.S. interest rate cuts ebbed ahead of the release of Federal Reserve minutes and jobs data.

Data from the American Petroleum Institute industry group is due at 4:30 p.m. (2130 GMT) on Wednesday, and data from the Energy Information Administration, the statistical arm of the U.S. Department of Energy, is due at 11:00 a.m. (1600 GMT) on Thursday, delayed by a day due to the New Year’s holiday on Monday.

Reuters

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