Globally, Oil prices fell on Thursday, extending losses from the previous session, as fears of supply disruption eased on news that the Group of Seven (G7) nations were considering a high price cap on Russian oil. A greater-than-expected build-up in U.S. gasoline inventories added to downward pressure.Both benchmark Brent & WTI contracts plunged more than 3% on Wednesday.The U.S. dollar was broadly weaker on Thursday as investors, encouraged the prospect of a slower pace of interest rate hikes from the Federal Reserve, placed bets on riskier assets.The eagerly awaited readout of the Nov. 1-2 Fed meeting showed officials were largely satisfied they could now move in smaller steps.Asian shares tracked Wall Street higher on Thursday,and news of fresh economic stimulus from China, with the dollar failing to recoup losses.Wall Street's main indexes ended Wednesday with solid gains after the Federal Reserve's November meeting minutes.A "substantial majority" of policymakers agreed it would "likely soon be appropriate" to slow the pace of interest rate hikes, the minutes showed.Gold prices rose past key levels on Thursday, benefiting from a weaker dollar,Spot gold rose 0.2% to $1,753.40 an ounce, it rose about 0.60 in previous session.Rupee remain near support levels and may gain strength on weaker dollar and soften oil prices.
With Inputs from Reuters
