Oil prices rose today as sentiment was more bullish today with the Fed ending its tightening cycle. The prospect of the Fed raising its benchmark interest rate only once more and in a 25 basis point increment is a useful starting point but the central bank’s policy path will depend on incoming data, New York Fed President John Williams said on Tuesday. “The short-term crude demand outlook will soon be clearer. This week we will find out if the U.S. economy is taking steps into the recession pool or if it is going to do a cannonball into it,” said Edward Moya, senior analyst at OANDA. OPEC output will fall by 500,000 bpd in 2023, then rise by 1 million bpd in 2024, after the group’s output agreement expires, the Energy Information Administration forecast on Tuesday. WTI traded up $1.79 or 2.2% to close at 481.53. Brent traded up $1.43 or 1.7% to close at $85.61.