Oil prices rose in early Asian trade on Thursday after the U.S. Federal Reserve raised interest rates by 25 basis points, sending the dollar lower.
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. A weaker greenback makes U.S. dollar-priced oil less expensive for holders of other currencies, boosting demand.Prices are also rising in the backdrop of a Feb 5. ban on Russian refined products by the European Union.
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