Oil prices were slightly higher today despite yesterday’s rate hike, pressures from a stronger dollar and tumbling equity markets. OPEC+ announced another modest production hike, sticking with their plans despite recent price increases, geopolitical tensions and calls from the West to increase production. Meanwhile, Gasoline futures rose to the highest since March 8th, the previous record high. “The oil market has not fully priced in the potential of an EU oil embargo, so higher crude prices are to be expected in the summer months if it’s voted into law,” Rystad Energy head of oil markets research Bjornar Tonhaugen said. Prices are still very backwardated heading into the back of curve, at least through April 2023 which each future month at least $1/bbl below the prior month. WTI traded up $.45 or .42% to close at $108.26. Brent traded up $.92 or .84% to close at $111.06. or .42% to close at $108.26. Brent traded up $.92