Oil gains over 1.5% ahead of US interest rate decision

Oil drilling rigs

Oil prices extended gains at the close of trading today, Sept. 16, as investors assessed the impact of Ukrainian airstrikes on Russian ports and refineries and awaited the Federal Reserve's interest rate decision.

Brent crude futures for November delivery rose 1.53%, or $1.03, to settle at $68.47 per barrel. WTI crude futures for October delivery added 1.93%, or $1.22, to close at $64.52 a barrel.

Russian oil pipeline operator Transneft warned producers of a potential production cut after a series of Ukrainian drone attacks on major export ports and refineries, sources told Reuters.

Investors are awaiting the outcome of the Federal Reserve's meeting, which began today and will end on Sept. 17. Expectations are broadly for a 25 basis point interest rate cut, which could stimulate the economy and boost fuel demand in the world's largest economy.