Oil Prices Drop Ahead of Fed Rate Decision; Russia's Fuel Exports Face Headwinds
• Oil prices fell 2% on Wednesday as markets awaited a Fed interest rate policy announcement • Analysts expect rates to be held at 23-year high of 5.25-5.5%, but look for signals on potential cuts this year • Fed likely to indicate if it still forecasts 3 rate cuts in 2023 or fewer, depending on inflation outlook • Ukrainian strikes have taken 370,000-900,000 bpd of Russia's refining capacity offline recently • With reduced refining capacity, Russia's revenues as top fuel exporter could be curtailed