The US dollar remained steady near an eight-day high on Thursday. Recent inflation and economic data suggest the Federal Reserve may raise interest rates. This pushed the dollar index up against the euro and yen.
Global rice prices have climbed more than 21% from a year ago, driven by wars, shipping disruptions, and higher energy and fertilizer costs. Futures contracts are also rising, raising fears of a new wave of food inflation. The crisis could spread to other staple foods.
Gold prices held steady on Wednesday after touching a three-month high the previous session. Investors are waiting for a key US inflation report to gauge the path of interest rates. Spot gold was little changed at $4,652.39 per ounce.
The dollar hovered near its lowest level in months on Monday. The Canadian dollar slipped 0.2 percent in early trading. The Australian and New Zealand dollars traded near recent highs.
US Energy Secretary Chris Wright said the country has pushed oil output to an all-time high, making it the world's biggest energy producer. He posted on X that the American oil and gas sector reached unprecedented production levels.
Japan's imports hit a record high in July, driven by a weak yen and strong demand for semiconductor products. Total import value rose 27.8% year-on-year to 12.1 trillion yen (about $76.39 billion). This marks the second consecutive month of record imports.
Oil prices rose for the fourth consecutive day on Wednesday. Brent futures gained 42 cents, or 0.5%, to $91.44 per barrel. US West Texas Intermediate crude rose 51 cents, or 0.6%, to $85.45.
Saudi Aramco and Maaden signed a deal to create a joint venture for mineral exploration. The partnership focuses on finding copper and other metals needed for energy transition. Maaden will hold a 51% stake in the new company.
Oil prices rose on Tuesday, with Brent crude futures climbing 27 cents, or 0.3 percent, to $91.14 a barrel. That followed Monday's close at its highest level since July 30. US West Texas Intermediate also gained 42 cents to $85.04 a barrel.
Oil prices climbed on Monday, with Brent crude rising 1% to $89.40 a barrel. In the latest trading, it was up 72 cents to $89.20. US West Texas Intermediate futures gained 44 cents to $82.83. Both contracts had jumped more than 5% last week.