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.