Globally, Oil prices edged higher on Thursday, after dipping slightly in the previous session, as markets refocused on expectations of tight crude supply for the rest of 2023.International benchmark Brent futures climbed 17 cents to $92.05 a barrel, while U.S. West Texas Intermediate crude (WTI) rose 19 cents to $88.71.The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024.Most Asian stocks rose slightly on Thursday, tracking some strength in Wall Street as markets bet that a recent rise in U.S. inflation will prove insufficient in eliciting more interest rate hikes from the Federal Reserve.U.S. stocks advanced and U.S. Treasuries oscillated within a tight range on Wednesday after data showed underlying inflation remained on its slow, downward trajectory, boosting expectations that the Federal Reserve will let interest rates stand, for now.U.S. consumer prices accelerated by more than expected on a yearly basis in August, increased by 3.7% annually during the month, up from 3.2% in July and faster than economists' estimates of 3.6%. Month-on-month, the CPI reading was 0.6%, picking up the pace from 0.2% and in line with projections. U.S. Treasury yields were range-bound in the wake of the CPI report, which suggested the Fed will keep interest rates steady at its upcoming meeting. Benchmark 10-year notes last rose 5/32 in price to yield 4.2445%, from 4.264% late on Tuesday.The dollar index was flat, with the euro down 0.16% to $1.0735. Gold prices edged lower, hovering near two-week lows after the CPI report helped give the dollar a slight boost. Spot gold dropped 0.2% to $1,909.19 an ounce. Indian Rupee is likely to open with gain on Thursday.
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