Oil Prices Fall Amid US Banking Crisis, Low Demand
Muhammad Irfan Published March 25, 2023 | 08:07 PM
Oil prices fell on Saturday amid concerns surrounding the US banking sector and worry over lower oil demand
ANKARA, (UrduPoint / Pakistan Point News - 25th Mar, 2023 ): Oil prices fell on Saturday amid concerns surrounding the US banking sector and worry over lower oil demand.
International benchmark Brent crude traded at $76.27 per barrel at 10.14 a.m. local time (0714GMT), a 0.55% decrease from the closing price of $76.69 a barrel in the previous trading session.
At the same time, American benchmark West Texas Intermediate (WTI) traded at $70.45 per barrel, a 0.63% fall after the previous session closed at $70.9 a barrel.
The US Federal Reserve raised its benchmark interest rate Wednesday by another 25 basis points despite a banking crisis, which saw the sudden demise of four banks in a matter of weeks.
Fed Chair Jerome Powell said Wednesday that banking issues in the US could undermine the whole system if they remain unchecked.
"History has shown that isolated banking problems, if left unaddressed, can undermine confidence in healthy banks and threaten the ability of the banking system as a whole to play its vital role in supporting the savings and credit needs of households and businesses," he said.
"The failure of a small bank, like a community bank, can likewise trigger a run on other banks, and failure of that bank could lead to a systemic failure," Janet Yellen said before the Financial Services and General Government Subcommittee at the US Senate.
The increase in the commercial crude oil stocks of the US, the world's largest oil consumer, also put downward pressure on prices with the perception that the demand in the country is low.
Recent Stories
SIU arrests robbery gang targeting bank customers
Asia Cricket Week from April 28
PSA World C'ships in May
Food Safety Authority raids hospitals' canteen across KP
US Fed's favored inflation measure accelerates in March
Kenya flood death toll since March climbs to 70: govt
Rafiq-ul-Hujajj Committee to organize 2nd training session for pilgrims in Abbot ..
Defence Minister leads Pakistan's delegation to Kazakhstan SCO moot
PRCS Chairman, Moroccan envoy discuss humanitarian relations
50pc cut in subsidy of BRT service likely: CM’s aide
Russia striking Ukraine railways to 'paralyse' army cargo: Ukraine source
Cop, suspected outlaw injured in police encounter
More Stories From Business
-
50pc cut in subsidy of BRT service likely: CM’s aide
10 minutes ago -
PSX gains 771 points
48 minutes ago -
Pakistan, US hold 7th TIFA meeting to strengthen trade and investment ties
1 hour ago -
Meeting held to streamline trade between Pak-Afghan , Central Asian Republics
50 minutes ago -
Coca-Cola invests an additional $22 million in Pakistan
1 hour ago -
SECP Introduces SECP-XS: A swift complaint resolution platform
2 hours ago
-
SBP to announce monetary policy on April 29
39 minutes ago -
London stocks hit new record peak on takeovers
39 minutes ago -
Rupee sees slight recovery against US dollar
39 minutes ago -
Kitchen items’ prices ease as weekly inflation falls by 1.1%
3 hours ago -
Shipping Activity at Port Qasim
5 hours ago -
Yen falls further as Bank of Japan stands pat on rates
39 minutes ago