- Oil futures were up 6% Thursday morning, after slumping for three days
- A Russian spokesman denied that Russia and Ukraine had made significant headway in their negotiations (BBG)
- The dollar retreated from a two-year high on Wednesday after the Federal Reserve raised interest rates for the first time since 2018
- The Fed also signaled six more such rate hikes are likely this year amid increasing risks to the economic recovery
- For the week ending March 11th, the EIA recorded a 4.3 MMBbl crude build
- The build was larger than what many analysts were expecting
- Stocks at Cushing storage hub in Oklahoma rose by 1.8 MMBbl to 24 MMBbl
- U.S. crude output was unchanged at 11.6 MMBbl/d from the week prior, according to the EIA