Globally, Oil prices rose on Thursday as investors focused on expectations of tighter supplies from top oil producers, helping reverse earlier losses that were driven by worries that the hike in interest rates by the U.S. will hurt demand. Brent crude futures were up 36 cents, or 0.4%, at $83.28 barrel, while U.S. West Texas Intermediate (WTI) crude rose to $79.26, up 48 cents, or 0.6%.The dollar fell against a basket of its peers on Wednesday after the Federal Reserve raised interest rates by a quarter of a percentage point, citing still-elevated inflation as a rationale for what is now the highest U.S. central bank policy rate in 16 years. The increase brings the benchmark overnight interest rate in the 5.25%- to 5.50% range, while the accompanying policy statement left the door open to another increase. The dollar index, a measure of the U.S. currency against six major peers, fell 0.345% at 1.1093. Futures expect the Fed's overnight rate to stay above 5% until June 2024.Asian shares advancedon Thursday after a well-flagged U.S. rate rise delivered no major surprises, although policymakers in Europe and Japan could pose risks for markets with their own interest rate decisions.Global shares were mostly flat while U.S. yields fell on Wednesday.Gold prices rose slightly on Thursday after reacting positively to the Federal Reserve’s rate hike.Spot gold was flat at $1,972.49 an ounce. Rupee likely gained further as the dollar index slipped overnight and found support at the crucial level of 82.
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