Oil prices rebounded on Thursday after tumbling in the previous session as a weaker dollar brought back some appetite for risk assets and the OPEC+ decision to roll over an output cut helped ease oversupply concerns.
"Inflation has eased somewhat but remains elevated," the U.S. central bank said in a statement that marked an explicit acknowledgement of the progress made in lowering the pace of price increases from the 40-year highs hit last year.
The U.S. dollar index dived to a fresh nine-month low on Thursday in reaction to the softer rate hike bets. A weaker greenback makes dollar-priced oil less expensive for holders of other currencies, boosting demand. An OPEC+ panel endorsed the oil producer group's current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place amid hopes of higher Chinese demand and uncertain prospects for Russian supply.OPEC+ agreed to cut its production target by 2 million barrels per day , about 2% of world demand, from November last year until the end of 2023 to support the market.
Prices are also rising in the backdrop of a Feb 5. ban on Russian refined products by the European Union.on Friday on a European Commission proposal to set price caps on Russian oil products, after postponing a decision on Wednesday amid divisions between member states, diplomats said. The European Commission proposed last week that from Feb. 5 the EU apply a price cap of $100 per barrel on premium Russian oil products such as diesel and a $45 cap per barrel on discounted products such as fuel oil.Laura SanicolaReports on oil and energy, including refineries, markets and renewable fuels. Previously worked at Euromoney Institutional Investor and CNN.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD stays depressed near 1.3300 as Oil price grinds higher, focus on OPEC+, FedUSD/CAD remains defensive around 1.3310 amid sluggish markets on early Wednesday, treading water after reversing from a one-week high the previous day
Read more »
WTI eases from $79.50 as Oil traders brace for OPEC+ verdict amid sluggish marketsWTI crude oil seesaws near $79.30 after taking a U-turn from the intraday low surrounding $79.50 as traders await the key Joint Ministerial Monitoring
Read more »
Oil stable as market awaits Fed, OPEC decisionsOil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday.
Read more »
Oil edges higher ahead of OPEC+ committee meeting, Fed decisionOil futures move slightly higher Wednesday, finding support ahead of an OPEC+ committee meeting that's expected to recommend no changes in output.
Read more »
OPEC+ leaves oil output policy unchanged – ReutersCiting two sources from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, Reuters re
Read more »
OPEC+ committee recommends no change in oil output policy at virtual meetingA technical committee of the influential OPEC+ oil producers' coalition has made no recommendation to change the group's existing production policy in its latest meeting, according to three delegates.
Read more »