The US banking crisis caused volatility in the trading of risky assets such as oil
Oil prices fell today, Thursday, following three sessions of gains, following Jerome Powell, Chairman of the Federal Reserve (US Central Bank), renewed his commitment to curbing inflation, including the possibility of raising interest rates once more.
By 09:13 GMT, Brent crude futures fell 40 cents, or 0.52%, to $76.29 a barrel, and West Texas Intermediate crude futures fell 47 cents, or 0.66%, to $70.43 a barrel.
The two benchmarks reached their highest closing levels since March 14 in a settlement on Wednesday, according to Archyde.com.
Powell said yesterday, Wednesday, that the pressures of the banking sector may 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.