Oil’s Run of Gains Cools With Focus on US Stockpiles, Fed Cut

Group 1 - Oil prices eased after a three-day advance, with Brent around $68 a barrel following a 3.2% gain in previous sessions, as traders assess the impact of Ukrainian attacks on Russian energy infrastructure and an upcoming Federal Reserve interest rate decision [1][3] - The recent oil price gains have not been sufficient to break out of the $5 band it has been in for most of the past month and a half, influenced by geopolitical tensions and bearish fundamentals [2] - OPEC+ supply is expected to increase, raising predictions of a potential glut later in the year, while rising oil tanker earnings indicate higher output [2] Group 2 - The Federal Reserve is expected to announce a quarter-point interest rate cut, with the market also pricing in three additional cuts by April [3][4] - A recent industry report indicated a decline in U.S. crude inventories by 3.4 million barrels last week, which would mark the largest drop in a month if confirmed by official data [4] - Brent's second-month implied volatility has decreased, reaching its lowest level in over three weeks, as prices remain within a narrow range since early August [5]