Oil was higher today, as Russia again is shipping less gas to the EU due to issues with the Nord Steam. Second-month contracts are at a steep discount to the front month, and the deep backwardation indicates near-term supply trouble. The Fed is set to meet again later this week and the market is expecting a 75bps rate hike. GDP numbers for the 2nd quarter will be released on Thursday and are likely to show a contraction for the 2nd consecutive quarter. “The U.S. and European economies are slowing and with the Federal Reserve set to raise interest rates again this week, traders remain very cautious,” said Dennis Kissler, senior vice president of trading at BOK Financial. WTI traded up $2.00 or 2.1% to close at $96.70. Brent traded up $1.95 or 1.9% to close at $105.15.