Oil climbs as dollar slumps, OPEC+ keeps output cut policy

Oil prices rebounded on Thursday after tumbling in the previous session as a weaker dollar brought back some appetite for risk assets and the OPEC+ decision to roll over an output cut helped ease oversupply concerns, News.Az reports citing Reuters. 

Brent crude futures rose 65 cents, or 0.8%, at $83.49 a barrel as of 0353 GMT, while West Texas Intermediate (WTI) U.S. crude futures advanced 71 cents, or 0.9%, to $77.12 a barrel.

Both benchmarks plunged more than 3% overnight after U.S. government data showed big builds in crude and oil products inventory.

The Federal Reserve raised its target interest rate by a quarter of a percentage point on Wednesday, yet continued to promise "ongoing increases" in borrowing costs as part of its ongoing battle against inflation.


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