Oil prices fell in Asian trade on Thursday tracking weak economic signals from the Federal Reserve, while media reports suggested that OPEC+ will likely keep output unchanged next month, despite a recent crash in prices.
The Bank of England is expected to raise interest rates for the 11th time in a row on Thursday after a surprise jump in inflation dashed speculation that it might have been about to go on pause.
The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two U.S. banks.
A gauge of British manufacturers' inflation expectations fell to its lowest in two years after output slid again in the three months to March, the Confederation of British Industry's (CBI)said on Wednesday.
Asian shares inched higher on Thursday after the Federal Reserve hinted it could pause interest rate hikes following turmoil in the banking sector, though it also reiterated its commitment to fighting sticky inflation.
The dollar was under pressure near seven-week lows on Thursday as U.S. bond yields fell sharply after the Federal Reserve sounded close to calling time on interest rate hikes.