Inflation is not cooling as fast as the Federal Reserve had hoped, leaving policymakers in limbo in forecasting a potential rate cut. The consumer price index rose 3.5% in March.

Oil prices are moving higher ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting scheduled for Thursday, after the alliance delayed the event last week.

The average price for a gallon of gas in the U.S. hit a new record high of $4.173 on Tuesday, according to AAA.

Missouri Attorney General Eric Schmitt is urging President Biden to take steps to restore America's energy independence as the price of oil in the United States shot up to $110 a barrel this week amid Russia's invasion of Ukraine.