Oil prices were higher today rebounding over 1% after last week’s rout. “There’s a lot of fear-based movement (in oil prices),” Price Futures Group analyst Phil Flynn said. “We’re not moving at all on
supply and demand fundamentals, we’re just moving on the banking concerns.” The Fed is meeting tomorrow and Wednesday where they will set interest rate policy and it is a tossup what the committee decides to do. Some executives are calling on the bank to pause its tightening cycle. WTI traded up $.90 or 1.4% to close at $67.64. Brent traded down $.82 or 1.1% to close at $73.39.