Oil up for a second straight day on tight supply, market awaits Fed decision

Oil prices edged up on Tuesday, extending gains for a second straight day after Russia tightened its squeeze on Europe’s gas supply.

Russia’s Gazprom said supplies through the Nord Stream 1 pipeline to Germany would drop to just 20% of capacity.

Western sanctions have obstructed Europe's crude, oil product and gas supplies in response to Moscow’s Feb. 24 invasion of Ukraine.

Diesel drivers in Europe who are already competing with record high prices

More likely to struggle at the pumps as compared to those who rely on gasoline, according to a Reuters analysis.

Investors would take monetary policy cues from the two-day Federal Open Market Committee meeting which begins today.

The dollar fell for the fourth straight day, making gold more appealing for investors holding other currencies.