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Economy News _ Baghdad
Oil prices rebounded on Thursday, after falling more than 3% in the previous session, as dollar weakness restored some appetite for risky assets and OPEC+'s decision to extend production cuts helped calm oversupply fears.
Brent crude futures rose 65 cents, or 0.8%, at $83.49 a barrel by 03:53 GMT, while US benchmark West Texas Intermediate crude futures rose 71 cents, or 0.9%, to $77.12 a barrel.
Both benchmarks fell more than 3% overnight after US government data showed big rises in stocks of crude and oil products.
The Fed raised its target interest rate by a quarter of a percentage point on Wednesday, but continued to promise "continued increases" in borrowing costs as part of its ongoing fight against inflation.
"Inflation has declined somewhat, but remains high," the US central bank said in a statement.
The US dollar index fell to a nine-month low on Thursday, in reaction to bets for a weak interest rate hike. A weaker dollar makes dollar-denominated oil less expensive for holders of other currencies, boosting demand.
The OPEC+ committee endorsed the group's current production policy at Wednesday's meeting, leaving production cuts agreed last year in place amid hopes of rising Chinese demand and an uncertain outlook for Russian supply.
OPEC+ agreed to cut its production target by two million barrels per day, or about 2% of global demand, from November last year until the end of 2023 to support the market.
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