Oil Summary at European Close: Crude Slides

Crude futures have extended a pull back today amid strength in the US dollar ahead of the US Fed rate decision later today and a crude draw in line with market expectations according to the latest EIA weekly petroleum data.

• Brent MAY 24 down 1.8% at 85.79$/bbl
• WTI APR 24 down 2.2% at 81.61$/bbl
• The US Fed rate decision is expected at 14:00 ET with the central bank expected to leave rates on hold with analyst expectations for a June starting point for rate cuts.
• EIA Weekly US Petroleum Summary - w/w change week ending Mar 15: Crude stocks -1,952 vs Exp -733, Crude production 0, SPR stocks +750, Cushing stocks -18.
• Oil prices are expected to break above the $70-$90/bbl range if the US Fed cuts interest rates in coming months, according to Jeff Currie at Carlyle Group LP in a Bloomberg interview.
• The Canada Energy Regulator said Tuesday it ordered Trans Mountain Expansion Pipeline (TMX) to stop work on part of its expansion project.
• Russian crude exports have slipped back as maintenance work at the Baltic port of Primorsk and strong winds around Kozmino hit exports according to Bloomberg vessel tracking.
• India’s Bharat Petroleum has signed a four-month deal with BP for the supply of 1mbbl per month of US WTI Midland crude according to Bloomberg sources.
• India’s Reliance will not buy Russian oil loaded on tankers operated by Sovcomflot after the latest US sanctions, sources told Bloomberg.
• - MNI COMMODITY WEEKLY: Refinery Turmoil Driving Gasoline Cracks to Multi-Month Highs - Full piece here: https://enews.marketnews.com/ct/x/pjJscQfdwuoI6a9uKhglGw~k1zZ8KXr-kA8x6nAD8OiptIPjO1OcQ