"Supply Constraints Drive Oil Prices Higher"

Oil prices remained steady as Russia eased its fuel export ban, which had been implemented to stabilize the domestic market. The ban on gasoline and high-quality diesel remains in place, but restrictions were lifted for fuel used as bunkering for some vessels and diesel with high sulfur content. The market is also considering the impact of the Federal Reserve's hawkish message on interest rates, which could potentially curb oil demand. Despite concerns over supply constraints, including the temporary ban and offline capacity of U.S. oil refiners, expectations of better economic data from China, the world's largest crude importer, have lifted sentiment. However, oil prices face technical resistance at the November 2022 highs reached last week.