MELBOURNE (Reuters) - Oil prices rose on Thursday, building on big gains in the previous session on signs the U.S. crude glut is not growing as fast as expected and that gasoline demand battered by COVID-19 restrictions is starting to pick up.

SINGAPORE/NEW YORK (Reuters) - Asian stocks rose to a fresh seven-week high on Thursday, lifted by encouraging early results from a COVID-19 treatment trial, though bonds and currencies held cautious ranges ahead of a European Central Bank meeting later in the day.

WASHINGTON (Reuters) - The head of the Federal Reserve on Wednesday dashed lingering hopes for a fast rebound from the coronavirus pandemic, saying the U.S. economy could feel the weight of consumer fear and social distancing for a year or more in a prolonged climb from a deepening hole.

The Federal Reserve painted a dour picture of current conditions and pledged Wednesday to continue its historically aggressive policy stance until it is comfortable that the U.S. economy is back on its feet.

KUALA LUMPUR (April 28): All economic sectors that have been allowed to operate during the movement control order (MCO) period can ramp up their operations to full capacity starting tomorrow, said International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.

SYDNEY/NEW YORK (April 29): Asian shares were cautiously higher on Wednesday as investors paused ahead of the U.S. Federal Reserve's policy decision while oil prices jumped on hopes demand will pick up as many countries lift some of the coronavirus-related restrictions.