Oil edges higher, Brent rises above $76
Oil prices rose on Thursday, as the US dollar fell against its peers, and after a drop in the US crude inventories.
The Energy Information Administration reported yesterday that the US crude inventories fell 3.5 million barrels to 414 million barrels during the past week, while analysts forecast a drop by 3.8 million barrels.
The market continues to follow Evergrande's crisis and it its impact on the Chinese economy.
The People's Bank of China has injected $18.6 billion into the banking system, in attempts to ease global markets' concerns.
The dollar index fell against a basket of currencies by 0.1% to 93.3 points as of 03:56 GMT, after it hit a high of 93.5 points and a low of 93.3 points.
WTI crude October futures rose 0.2% to $72.4 a barrel.
Brent November futures rose 0.2% to $76.4 a barrel.
Euro inches up before economic data
Euro rose against a host of currencies on Thursday as investors digest the Federal Reserve's policy meeting yesterday and ahead of economic data.
The Federal Reserve voted to maintain rates at between zero and 0.25% unchanged while expecting to raise rates three times in 2023 and three more times in 2024 to 1.8%.
The Federal Reserve expects the US GDP to grow by 3.8% in 2022, and by another 2.5% in 2023, and by 2% in 2024.
Later today, data on German and overall European manufacturing and services data will be released.
EUR/USD rose 0.2% as of 5:08 GMT to 1.171, with an intraday high at 1.1712, and a low at 1.1684.
Silver rises, shrugs off Fed statement
Silver prices rose on Wednesday, as the US dollar held against most of its peers, after the Federal Reserve's statement.
The US Federal Reserve has kept the interest rate between zero and 0.25% unchanged, but projected to raise it 3 times in 2023 and 3 more times in 2024, to reach 1.8% by the end of 2024.
The Fed stated that depending on the continuous rise in inflation and improved labor market conditions, the FOMC sees that it would be appropriate to start reducing asset purchases.
The Fed also estimated the US GDP to grow by 3.8% in 2022, 2.5% in 2023, and 2% in 2024.
The dollar index held against a basket of currencies at 93.2 points as of 19:42 GMT, after it hit a high of 93.2 points and a low of 93.1 points.
Silver spot prices rose 0.4% to $22.7 an ounce as of 19:42 GMT.
Silver rises, shrugs off Fed statement
Silver prices rose on Wednesday, as the US dollar held against most of its peers, after the Federal Reserve's statement.
The US Federal Reserve has kept the interest rate between zero and 0.25% unchanged, but projected to raise it 3 times in 2023 and 3 more times in 2024, to reach 1.8% by the end of 2024.
The Fed stated that depending on the continuous rise in inflation and improved labor market conditions, the FOMC sees that it would be appropriate to start reducing asset purchases.
The Fed also estimated the US GDP to grow by 3.8% in 2022, 2.5% in 2023, and 2% in 2024.
The dollar index held against a basket of currencies at 93.2 points as of 19:42 GMT, after it hit a high of 93.2 points and a low of 93.1 points.
Silver spot prices rose 0.4% to $22.7 an ounce as of 19:42 GMT.