Oil climbs as softer dollar offsets concerns of global slowdown
BNN Bloomberg
Oil rose as the dollar declined and investors weighed the demand outlook following another interest-rate hike from the Federal Reserve.
West Texas Intermediate traded near US$84 a barrel after falling over the past two sessions. The dollar dipped and US equity futures turned higher, spurring more positive sentiment in crude early on Thursday.
Those moves came despite Fed Chair Jerome Powell vowing that officials would crush inflation after they boosted rates by 75 basis points for a third straight time.
Thin liquidity has exacerbated price swings for oil, leading to wild volatility at times. Crude remains on track for its first quarterly decline in more than two years on concerns that demand may be crimped by an economic slowdown, but for most of September prices have been largely rangebound.
