empty
 
 

2023.03.2109:57:00UTC+00Oil Extends Gains As Dollar Pauses For Breath

Oil prices rose on Tuesday to extend gains from the previous session and the dollar paused for breath as concerns about contagion from the collapse of two U.S. regional lenders eased somewhat and investors looked for direction from the Federal Reserve.

Benchmark Brent crude futures jumped 1.1 percent to $74.58 a barrel amid moves by regulators to shore up confidence. WTI crude futures were up 1.2 percent at $68.60.

The upheaval in the banking sector has led traders to re-evaluate their bets on the Fed's interest rate plans.

A two-day meeting of the U.S. Federal Reserve gets underway today, with markets expecting a 25-bps rate hike on Wednesday.

The Bank of England may press ahead with another rate rise on Thursday, with inflation data due from the Office for National Statistics on Wednesday likely to shape the interest-rate decision.

The American Petroleum Institute is expected to publish its report on U.S. crude oil inventories later today.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback