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Oil Edges Higher as Dollar Weakness Overcomes Rate-Hike Fears

  • UAE raises prospect of producing 5m b/d of crude by 2025
  • Higher dollar, interest rates may hit economies and oil use
Bloomberg business news
Oil Steadies Ahead of Fed Rate Decision
Updated on

Oil eked out a meager gain as the dollar weakened, with much of the market waiting to see what the Federal Reserve will decide regarding rate hikes when it meets later this week. 

West Texas Intermediate inched forward to settle above $85 a barrel, paring earlier losses as the dollar dropped from record highs. Oil fell as much as 3.5% to near $82 a barrel as markets look ahead to a week filled with global central-bank decisions. Monetary policymakers will decide whether to try to tame inflation with further interest-rate hikes.