Oil prices settled higher Wednesday, recovering from a recent wobble as traders weighed a larger-than-expected dip in U.S. crude inventories against a softer global demand outlook.

At 14:30 ET (18:30 GMT), Brent oil futures rose 0.9% to $81.71 from the Energy Information Administration showed U.S. oil inventories fell 3.7 million barrels in the week ended July 19, compared with expectations for a draw of 2.6 million barrels.

The U.S. dollar traded in a stable fashion in Europe Tuesday, while the yen soared in the wake of suspected intervention by the government last week.  

At 05:40 ET (09:40 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, edged 0.1% higher to 104.067, bouncing from last week’s four-month low. 

Oil prices settled over $2 lower on Friday at their lowest level since mid-June as investors eyed a possible ceasefire in Gaza, while a strengthened dollar drove values down further.

Brent crude prices settled down $2.48, or 2.9%, to $82.63 a barrel. U.S. West Texas Intermediate crude futures dropped $2.69, or 3.3%, to $80.13.

U.S. Secretary of State Antony Blinken said a long-sought ceasefire between Israel and the Palestinian militant group Hamas was within sight.

The U.S. dollar edged higher Thursday, while the euro slipped ahead of an ECB meeting and sterling dipped as U.K. wage growth slowed.

At 04:00 ET (09:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher to 103.550, bouncing after losses this week on increased optimism that the Federal Reserve will cut interest rates in September.

Samson Mow, a Bitcoin maximalist and the boss of the Bitcoin-focused company Jan3, has taken to his account on the X social media platform (formerly widely known as Twitter) to break an ultra-bullish Bitcoin price forecast to the global crypto community.

Mow has doubled down on his $1 million Bitcoin forecast that he gave earlier this year.

Gold prices rose in Asian trade on Tuesday, coming within sight of new highs amid increased bets that the Federal Reserve will begin cutting rates from September. 

But gains in gold were limited by some resilience in the dollar, as increased speculation that Donald Trump will win a second term as president boosted the greenback.

Spot gold rose 0.2% to $2,427.77 an ounce, while gold futures expiring in August rose 0.1% to $2,432.30 an ounce by 00:46 ET (04:46 GMT). 

Oil prices eased on Monday as worries about demand in top importer China offset supportive U.S. economic news, OPEC+ supply restraint and ongoing Middle East tensions.

Brent futures fell 18 cents, or 0.2%, to settle at $84.85 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 30 cents, or 0.4%, to settle at $81.91.

The U.S. dollar stabilized in early European trade Monday, handing back some of the gains seen after the attempted assassination of former U.S. President Donald Trump over the weekend, ahead of comments from Fed Chair Jerome Powell.

At 05:45 ET (09:45 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded largely unchanged at 103.785, after hitting a one-month low last week. 

Gold prices fell slightly in early Asian trade on Monday, remaining in sight of a record high but seeing few increases in safe haven demand after an alleged assassination attempt on former U.S. President Donald Trump. 

Safe haven buying, in the face of increased U.S. political uncertainty, favored the dollar, with the greenback recovering a measure of recent losses on Monday. Still, the dollar remained weak amid growing bets on U.S. interest rate cuts, which buoyed gold in recent weeks. 

According to crypto analyst Lark Davis, at the handle "TheCryptoLark" on X, Bitcoin is up 356% since this cycle's low.

In a tweet, Cryptolark noted that Bitcoin's current price performance is remarkably similar to what was seen in the last two market cycles. BTC has surged 356% since this cycle's lows, closely aligning with the 351% and 361% increases recorded at the same points in the previous two cycles. "Looks like we're right on track with the previous two cycles," the crypto analyst added.