Saudi Arabia reversed a third of its production cuts
Saudi Arabia reported to OPEC that it raised output above the levels seen in February, allowing oil prices to recover. Oil prices gained 1.5%, also finding support from a weaker dollar ahead of the FOMC meeting.
The pound plummeted on Tuesday, as the prospect of Britain triggering its exit from the European Union weighed on global markets, while demand for the dollar remained underpinned ahead of an expected FED rate hike on Wednesday.
The FED did not raise interest rates last week, as it was anticipated by many market participants. As for the British currency, market operators keep shortening the long positions as the rest of market participants keep extending them.