Oil prices settled higher Thursday, as signs that global rates cuts are underway boosted optimism on the global economy easing demand worries somewhat following an unexpected build in U.S. inventories a day earlier.

At 14:30 ET (18:30 GMT), the West Texas Intermediate crude futuresrose 1.9% to $75.50 a barrel andBrent oil futuresrose 0.1% to $78.44 a barrel.

The U.S. dollar steadied in early European trade Thursday, while the euro gained ahead of the latest policy-setting meeting by the European Central Bank. 

At 04:00 ET (09:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, rose marginally to 104.265.

Central banks around the world continue to buy Gold, helping to lift the price of the precious metal to near record highs.

The price of gold bullion is currently at $2,372.80 U.S. per ounce, close to its all-time high of just above $2,400 U.S. an ounce.

Bitcoin price climbed marginally on Thursday, steadying after breaking out of an over two-month trading trough as weak U.S. economic data fueled expectations that the Federal Reserve will cut interest rates.

Bitcoinrose 0.25% in the past 24 hours to $71,133.9 by 08:45 ET (12:45 GMT). The token stabilized after breaking out of a $60,000 to $70,000 trading range this week, ending a trough it had fallen into since mid-March.

Oil prices fell Tuesday on concerns high U.S. interest rates will eat into demand this year, amid continued uncertainty in the Middle East. 

At 08:15 ET (12:15 GMT), Brent oil futures fell 1.8% to $82.17 a barrel, while West Texas Intermediate crude futures fell 1.9% to $77.77 a barrel. 

The dollar edged up against the euro on Monday as investors awaited further clues on the path of U.S. interest rates in the wake of cautious comments from Federal Reserve officials, even as inflation showed signs of cooling.

Federal Reserve officials are not ready to say inflation is heading to the U.S. central bank's 2% target after data last week showed a welcome easing in consumer price pressures in April, with several on Monday calling for continued policy caution.

Gold prices fell in Asian trade on Tuesday, retreating from record highs as some easing uncertainty over Iran cooled safe haven demand for the yellow metal, while pressure from concerns over U.S. interest rates persisted. 

Among industrial metals, a rally in copper, to record highs, also reversed course on Tuesday amid some profit-taking, and as traders gauged just how much potential the red metal had this year. 

Oil prices slipped lower Monday, handing back early gains after the confirmation of the death of Iran’s President in a helicopter crash. 

At 08:30 ET (12:30 GMT), Brent oil futures fell 0.5% to $83.53 a barrel, while West Texas Intermediate crude futures dropped 0.6% to $79.10 a barrel.

Gold prices hit a record high in Asian trade on Monday as increased geopolitical tensions in the Middle East boosted safe haven demand, while a broader rally across metal markets also spilled over into the yellow metal.

Spot gold rose nearly 1% to a record high of $2,440.56 an ounce, while gold futures expiring in June hit a record high of $2,444.55 an ounce.

The US dollar's recent downtrend halted, aligning with forecasts by financial institution ING. Analysts observed that US economic data has not provided sufficient momentum to drive a significantly weaker dollar at this time.

This comes after jobless claims dropped to 222,000 from a previous week's increase to 232,000. The labor market had shown similar patterns in January, with claims peaking at 225,000 before falling back to the range of 200,000 to 210,000.