stock moves, earnings and Fed meeting

Oil prices surged more than $1, marking a fourth consecutive session of gains as weak U.S. shale output added to supply concerns from extended production cuts by Saudi Arabia and Russia.

Here’s how prices fared Tuesday morning:

Prices have gained for three consecutive weeks, with both benchmarks reaching their highest since last year.

— Pia Singh

It’s a big week for central banks — both within the U.S. and abroad.

The Federal Reserve begins its two-day policy meeting Tuesday. Traders are pricing in a 99% probability the Fed skips a rate hike when announcing policy on Wednesday, according to CMEGroup’s FedWatch tool, which gauges pricing in fed funds futures. The Fed will also offer economic forecasts on Wednesday.

The central banks of multiple other countries are also expected to announce policy decisions this week. Here’s a list of the countries scheduled to release decisions in the 36 hours following the Fed’s announcement expected at 2 p.m. ET on Wednesday, per Bespoke Investment Group:

• Brazil
• Indonesia
• Japan
• Norway
• South Africa
• Sweden
• Switzerland
• Taiwan
• Turkey
• The United Kingdom

Sam Stovall, chief investment strategist at CFRA Research, said investors around the globe “are on edge waiting to find out what their central banks are likely to do.”

— Alex Harring

Paul Murray, CEO of Life and Health Reinsurance at Swiss Re, discusses how current macroeconomic conditions are affecting the sector and shares his outlook for the life and health reinsurance industry.

Shares of Billerud soared more than 7% after Jefferies upgraded the Swedish paper and packaging company from “hold” to “buy.”

The investment bank said its sees “opportunity for Billerud to focus on value over volume, optimising its asset base, production mix and overall equipment effectiveness,” Reuters reported.

Tui shares were up more than 5% after the travel company confirmed expectations of a strong summer, with bookings “well ahead of [s]ummer 2022.” The company is “well positioned” to achieve its targets for 2023, Tui said in a trading update.

Sam Woods, deputy governor of the Bank of England and CEO of the Prudential Regulation Authority, discusses the British banking sector.

Shares of German materials manufacturer Kion were down 3.9% in morning trade after Invesco announced it would divest its stake in the group, Reuters reported.

Invesco placed 4.41 million of its shares in the group to sell, which corresponds to around 3% of the company’s shares in the group.

Kingfisher fell to the bottom of the Stoxx 600 index after the company cut its annual profit outlook.

Shares of the home improvement retailer were down 5%.

Shares of Ocado were up 3% in early trade after the food delivery service reaffirmed its full-year outlook. The company reported an increase in revenue growth for the third quarter, up 7.2% year on year to £569.6 million ($705 million).

Ocado Retail, a joint venture between Ocado Group and Marks & Spencer, said there had been a 1.5% increase in active customers to 961,000 at the end of the quarter.

— Hannah Ward-Glenton

European markets opened lower Tuesday, with investors looking ahead to the start of the U.S. Federal Reserve’s two-day monetary policy meeting.

The pan-European Stoxx 600 index opened 0.2% lower, with sectors spread across tentatively positive and negative territory. Health-care stocks made the biggest losses, down 0.7%, while travel and leisure stocks were up 0.2%.

— Hannah Ward-Glenton

The recent increase in oil prices could provide a boost to London’s prime office real estate market, according to Morgan Stanley.

The Wall Street bank explained the newly discovered correlation between the sectors and named the two stocks expected to benefit from the trend.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Oil futures hit their highest levels in a year as expectations of a supply deficit continued to send prices to nearly $95 a barrel on Tuesday.

U.S. West Texas Intermediate crude gained more than…