Brent futures held steady above $107 a barrel on Wednesday ahead of the outcome of the U.S. Federal Reserve’s two-day meeting due later in the day, with prices supported as concerns of turmoil in emerging economies eased.
Asian markets rallied and most other risk assets improved after Turkey stunned investors with a huge hike in interest rates, stirring hopes the drastic action would short-circuit a vicious cycle of selling in emerging markets and revive risk appetite.
Brent crude gained 2 cents to $107.43 a barrel by 0241 GMT, after ending 72 cents higher. U.S. oil fell 21 cents to $97.19, after settling at its highest since December 31.
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