Oil prices edged lower as the prospect of the Federal Reserve delaying interest rate cuts overshadowed news that OPEC+ would extend production cuts

(1) Oil prices edged weaker in Wednesday as the prospect of a delayed U.S. rate cut cycle offset a boost from OPEC+ extending production cuts. (2) Brent crude oil futures May contract is currently down 0.3%, trading near $82.40 per barrel, and West Texas Intermediate (WTI) crude oil futures April contract is currently down 0.3%, trading near $78.59 per barrel. (3) Investor sentiment continues to be weighed by signals from the Fed delaying rate cuts amid concerns about stubborn inflation. (4) Fed Governor Bowman said on Tuesday that she is not in a hurry to cut interest rates, especially given that upside risks to inflation could hinder progress in easing price pressures or even lead to a re-rise of price pressures. (5) U.S. President Joe Biden said Tuesday that Israel has agreed to halt military activities in Gaza during the Muslim holy month of Ramadan. However, Israel, Hamas and Qatari mediators are cautious about the progress of the ceasefire in Gaza. (6) Three OPEC+ sources said the alliance would consider extending the voluntary oil production cut into the second quarter to provide further support to the market, with two of them saying the cut could even continue until the end of the year. (7) Russia on Tuesday ordered a six-month ban on gasoline exports from March 1 to maintain price stability amid growing consumer and farmer demand and allow the country’s refineries to carry out maintenance