Globally, Oil prices slipped in early trade on Friday but were on track for gains of more than 6% for the week on solid signs of demand growth in top crude oil importer China and expectations of less aggressive interest rate hikes in the United States.Brent has jumped 6.7% so far this week and WTI is up 6.2%, recouping most of the previous week's losses.Federal Reserve policymakers on Thursday expressed relief that inflation continued easing in December, paving the way for a possible step down to a quarter point interest rate increase when the U.S. central bank meets in just under three weeks.U.S. consumer prices fell in December in the first month-to-month decline in more than 2-1/2 years, and underlying inflation slowed, government data showed on Thursday. In the 12 months through December, the so-called core CPI increased 5.7%, the smallest gain since December 2021 and fresh evidence the Fed's aggressive rate increases are having the desired effect.Asian stocks rose on Friday as investors cheered a slowdown in U.S. inflation, while the yen hit a seven-month high and Japanese bond yields broke above the central bank's target as markets challenged Tokyo's commitment to loose monetary policy.The dollar slipped broadly, U.S. treasuries rallied and assets seen as risky, such as stocks and cryptocurrencies, rose. U.S. stocks closed higher on Thursday.The Dow Jones Industrial Average rose 216.96 points, or 0.64%, to 34,189.97, the S&P 500 gained 13.55 points, or 0.34%, to 3,983.16 and the Nasdaq Composite added 69.43 points, or 0.64%, to 11,001.11. The S&P 500 is now up 3.7% for the year so far.Gold prices rose slightly on Friday and were set for a fourth straight week of gains.Spot gold rose 0.1% to $1,898.86 an ounce, Yellow Metal was set to rise nearly 2% this week. Rupee continued to extend the gains after further decline in dollar index, ease of pressure from OMC buying and absence of intervention by central bank.
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