Oil prices fell in early Thursday trading, following three sessions of gains, after Federal Reserve Chairman Jerome Powell renewed his commitment to curbing inflation, including the possibility of raising interest rates again.
Powell said yesterday, Wednesday, that pressures in the banking sector could lead to a credit crisis, with “clear” repercussions on the US economy, which officials at the US Central Bank expect to slow down more than expected before this year.
The US banking crisis caused fluctuations in the trading of risky assets such as oil during the past week, with investors anticipating the US Central Bank’s decision to raise interest on Wednesday.
The data of the US Energy Information Administration showed, on Wednesday, that crude stocks rose by 1.1 million barrels during the week ending on March 17. Analysts polled by Reuters expected inventories to decline by about 1.6 million barrels.
US crude inventories have risen in 12 of the past 13 weeks, which has led to an increase in inventories to their highest levels since May 2021.
price move
By 0540 GMT, Brent crude futures fell 64 cents, or 0.8 percent, to $ 76.05 a barrel, and West Texas Intermediate crude futures fell 72 cents, or 1 percent, to $ 70.06 a barrel.
Both benchmarks reached their highest closing levels since March 14, in a settlement on Wednesday.
