- Oil extends gains ahead of the Fed rate hike decision
- April ’23 WTI gained 31c this morning to trade around $70/Bbl
- After reversing some of last week’s losses and rising for two consecutive days earlier this week, oil prices continued rally to trade above $70/Bbl on Wednesday
- Fears of a banking collapse appear to have slightly eased after major central banks said that they will provide market liquidity and support the banking system
- Market awaits Jerome Powell's remarks at 2 PM ET following today's Fed meeting and the rate hike decision
- Russia says its pledged oil cuts will last through June (BBG)
- Russia announced yesterday that it would maintain its 0.5 MMBbl/d cut in oil production through June 2023
- “At the moment, Russia is close to achieving the target level of reduction — it will be reached in the coming days,” said Deputy Prime Minister Alexander Novak in a statement on Tuesday
- The proposed cut is equivalent to roughly 5% of the country’s total crude oil output in January when Russia pumped around 10.86 MMBbl/d
- However, there has been skepticism as to whether the country has made the required cuts so far this month, as Russia's seaborne crude exports have held up despite sanctions