The OPEC+ meeting starts at 1400 GMT today
Fed chair Powell's speech isn't the only key item on the agenda today as the market also has to contend with the latest OPEC+ decision on production quotas.
Earlier this week, there was talk of a possible 1.5 mil bpd increase to output but thereafter there were murmurs that the cuts may even stay unchanged through to April.
The latest is that Russia is seeing a roughly 500,000 bpd deficit in the market and wants to push forward with an output increase to match that - bringing up its own quota by 125,000 bpd, according to JP Morgan (h/t @ Amena__Bakr).
Essentially, all options are still on the table and this is one of those rare meetings where the market is left guessing on decision day itself.
Oil has held up relatively well this week despite a brief fall below $60 as it trades back above that level, although it is lower today due to softer risk conditions. Price is trading down 0.6% to $60.93 currently.