Globally, Oil prices climbed on Wednesday underpinned by a weaker dollar, which fell on signs of slowing inflation in the United States, easing fears that the world's largest oil user may face a recession because of further interest rate hikes.Brent crude futures gained 0.2%, to $85.66 a barrel, while U.S. WTI crude futures rose 34 cents,to $79.21 a barrel, extending gains of about 1% in the previous session.Western oil tankers ramped up their shipments of Russian crude in January as prices for Moscow's flagship Urals grade held below an international price cap, according to market sources and Eikon data.Chinese manufacturing activity shrank in January, a private survey showed on Wednesday.The data contrasted a government reading released on Tuesday, which showed that China’s manufacturing PMI was back in expansion territory after three months of declines. The dollar was broadly flat against major currencies on Wednesday after easing in the previous session following U.S. data that showed moderating wage pressure, with investors keenly awaiting the conclusion of a Federal Reserve policy meeting.Asia's stock markets steadied on Wednesday, with signs of a slowdown in U.S. wages.Major U.S. stock indexes closed over 1% higher on Tuesday.The S&P 500 tallied its first January increase since 2019, gaining 6.2%, while the tech-heavy Nasdaq jumped 10.7% for the month - its biggest January percentage rise since 2001.U.S. labor costs increased at their slowest pace in a year in the fourth quarter as wage growth slowed, Labor Department data showed. Gold and copper prices fell slightly on Wednesday as markets awaited fresh cues on monetary policy from a string of major central bank meetings this week, starting with the Federal Reserve later in the day. Spot gold fell 0.1% to $1,926.94 an ounce, while silver futures fell 0.4% to $23.742 an ounce.While the prices of the yellow metal rose sharply over the past three months, their next move will likely be determined by the Fed. Rupee fell sharply in one of the worst sessions in the last two months. Sudden spikes in the second half season comes in the backdrop of some speculative position build up ahead of the Federal Budget due to be announced today. With Inputs from Reuters. #GOLD #SILVER #CRUDEOIL
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