- Oil advances for a second day ahead of the Fed’s decision
- April ’23 WTI gained 71c to trade around $68.35/Bbl
- Sentiment in the financial markets has improved following the announcement of UBS' acquisition of Credit Suisse on Sunday
- Additionally, major central banks also said on Monday that they will provide market liquidity and support the banking system
- The G7 is not likely to revise its $60/Bbl price cap on Russian oil this week, a revision which was previously expected to take place in mid-March (Reuters)
- The market is awaiting the U.S. Federal Reserve's decision on whether and how much to hike interest rates
- Also supporting prices this week was the U.S. dollar which weakened relative to its recent highs
- Russia surpasses Saudi Arabia as China’s biggest oil supplier (BBG)
- Chinese refiners continue to benefit from cheap barrels to meet rebounding demand following the end of Covid zero
- Chinese customs data shows that the nation bought nearly 2 MMBbl/d of crude from Russia, while Saudi Arabia's flows fell to its lowest level since June, down 29% from January