Oil soars on EU oil sanctions, Fed
Crude prices surged after EU outlined plans on phasing Russian oil and following the FOMC decision that signaled Wall Street has passed peak hawkishness. The oil market will remain tight going forward and now that a peak in the dollar is in place crude prices should have extra support here.

The latest EIA crude oil inventory report posted a surprise build but energy traders fixated over the strategic petroleum reserves falling to the lowest levels in over two decades. US production remained steady at 11.9 million barrels a day, which suggests producers are not rushing to increase output as rig counts have steadily been rising.

The focus will shift to OPEC+ and that is likely to be an easy meeting that keeps the gradual increase output strategy in place.

https://www.fxmag.com/forex/gold-prices-are-embracing-the-fomc-deci...