Oil Up 2% Ahead of Fed Meet as Middle East Conflict Rages 

Oil prices rose more than 2% on Wednesday ahead of the keenly watched meeting of the U.S. central bank for clues on interest rate policy, while the conflict in the Middle East remains in focus.

Brent January crude futures were up about 2.5%, or $2.08, to $87.10 a barrel by 1316 GMT. U.S. West Texas Intermediate crude futures gained roughly 2.8%, or $2.24, to $83.26 a barrel.

The Fed, which will end its meeting on Wednesday, is widely expected to hold rates steady...

WTI Oil Prices Dip Below $90 a Barrel Following Fed Comments

West Texas Intermediate (WTI) crude futures slipped below $90 a barrel at midweek after the Federal Reserve signaled that one additional rate hike is possible this year.

In a widely anticipated move, the central bank maintained the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. Fed officials re-emphasized they are "strongly committed to returning inflation to its 2 percent objective."

The central bank has raised rates 11 times since March 2022. After peaking in June 2022 at 9.1%, U.S. inflation...

Diesel Tops $4 per Gallon but Remains Below Year Ago Levels

The national average for diesel has topped $4.00 per gallon and currently sits at $4.15, up from $3.97 a week ago but below $5.22 last year, according to AAA data. The highest recorded average diesel price was $5.82 in June 2022.

Reductions in oil production have contributed to the rise in diesel prices. On Thursday, OPEC member Saudi Arabia signaled that they will extend their voluntary cuts of one million barrels of oil a day through the end of September. 

An official source from the Ministry of Energy noted that this cut is in addition to the voluntary cut previously announced...

Oil Futures Slump Ahead of Upcoming FOMC Meeting

Oil futures shed more than 3% early Monday ahead of the Federal Reserve's two-day policy meeting, which begins on Tuesday.

Traders are awaiting the central bank's decision on interest rates and whether a pause will be implemented. The streak of rate hikes dates back to March 2022 as part of the Fed's ongoing efforts to slow inflation.

Also ahead is the inflation data for May 2023, which will be released by the Bureau of Labor Statistics Tuesday morning. Annual inflation in April was reported at 4.9%, the smallest 12-month increase since April 2021...

Oil Prices Jump After Top Oil Exporter Saudi Arabia Announces Production Cuts

Oil prices jumped on Monday after Saudi Arabia, the world's top oil exporter, announced that it will implement a voluntary cut in its production of crude oil by one million barrels per day, according to the Ministry of Energy. The reduction will start in July for a month and can be extended. 

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) did not make any changes to its planned oil production cuts for this year. OPEC+ announced that it will limit...