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Oil climbs as dollar slumps, OPEC+ keeps output cut policy

Mount Equity Group Tokyo Japan > News > Markets > Oil climbs as dollar slumps, OPEC+ keeps output cut policy

Feb 2 (Reuters) – 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.

Brent crude futures rose 65 cents, or 0.8%, at $83.49 a barrel as of 0353 GMT, while West Texas Intermediate (WTI) U.S. crude futures advanced 71 cents, or 0.9%, to $77.12 a barrel.

Both benchmarks plunged more than 3% overnight after U.S. government data showed big builds in crude and oil products inventory.

The Federal Reserve raised its target interest rate by a quarter of a percentage point on Wednesday, yet continued to promise “ongoing increases” in borrowing costs as part of its ongoing battle against inflation.

“Those hawkish reaffirmations from the Fed were met with rising doubts from the markets, which saw a dovish takeaway from Jerome Powell’s acknowledgement of progress in the ‘disinflationary…

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