MELBOURNE : Oil prices climbed on Wednesday underpinned by a weaker dollar, which fell on signs of slowing inflation in the United States, easing fears that the world's largest oil user may face a recession because of further interest rate hikes.Brent crude futures gained 20 cents, or 0.2 per cent, to $85
MELBOURNE : Oil prices climbed on Wednesday underpinned by a weaker dollar, which fell on signs of slowing inflation in the United States, easing fears that the world's largest oil user may face a recession because of further interest rate hikes.
"Sentiment shifted amid a positive company reporting season. Signs of cooling inflation also raised expectations that the Fed will be able to pause rate hikes," ANZ commodities analyst said in a note. All eyes will be on a meeting on Wednesday of the Organization of the Petroleum Exporting Countries and allies including Russia, together called OPEC+, where producers are expected to endorse their current output targets agreed in November.
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