Oil rises with scarce supply and gold at the highest level in a week

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Oil rises with scarce supply and gold at the highest level in a week

On Thursday, the price of oil increased due to predictions of reduced supplies from prominent oil producers. This helped counteract previous declines, which were caused by concerns that US interest rate hikes could negatively affect demand. Additionally, China, the second largest global consumer of oil, offered the prospect of economic stimulus, further bolstering the market. As of 04:11 GMT, Brent crude futures saw a rise of 85 cents, or 1.03%, reaching $83.77 per barrel. Meanwhile, US West Texas Intermediate crude increased to $79.71, up by 93 cents.

Wednesday saw a drop in oil prices as the latest data revealed that US crude inventories had decreased less than anticipated. Additionally, the Federal Reserve increased interest rates by a quarter of a percentage point, hinting at the possibility of another increase.

Today, Thursday, gold prices hit a one-week high due to a slight drop in the value of the dollar. Investors are closely analyzing the comments made by Jerome Powell, the Chairman of the Federal Reserve (the US Central Bank), after the widely anticipated interest rate hike. The spot gold price rose by 0.3% to $1,977.13 per ounce at 0352 GMT and reached its highest level since July 20 earlier in the day.