US Fed hikes rates:Oil climbs as dollar slumps

Oil prices rebounded on Thursday after tumbling in the previous session as a weaker dollar brought back some appetite for risk assets and the OPEC+ decision to roll over an output cut helped ease oversupply concerns. Brent crude futures fell 10 cents, or 0.1%, to $82.74 a barrel by 0937 GMT while West Texas Intermediate (WTI) U.S. crude futures advanced 1 cents to $76.40.Both benchmarks plunged more than 3% overnight after U.S. government data showed a large build in oil stocks. Prices are also rising against the backdrop of a European Union ban on Russian refined products from Feb. 5.

The U.S. 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 battle against inflation. "Inflation has eased somewhat but remains elevated," the U.S. central bank said in a statement that marked an explicit acknowledgement of the progress made in lowering the pace of price increases from the 40-year highs hit last year. The U.S. dollar index dived to a nine-month low on Thursday in reaction to the softer rate hike bets. A weaker greenback makes dollar-priced oil less expensive for holders of other currencies, boosting demand.