Crude prices dip after rally amid banking optimism

MG News | March 28, 2023 at 03:58 PM GMT+05:00

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March 28, 2023 (MLN): Crude oil prices fell moderately on Tuesday after rallying in the last session, as investors felt more confident about the global banking system after regulators intervened to calm the market, as Reuters reported.

West Texas Intermediate (WTI) U.S. crude is currently standing at $73.08 a barrel, up 0.36%. Brent crude futures fell 19 cents to $77.93 a barrel in the Asia trading session.

Prices increased in the last session after Turkey halted crude flow from Kurdistan through a pipeline following an arbitration ruling that affirmed Baghdad’s approval was required to transport the oil.

Following First Citizens BancShares’ announcement to acquire Silicon Valley Bank (SIVB) which collapsed earlier this month due to a banking crisis, boosted confidence in the financial markets.

Tina Teng, an analyst at CMC Markets stated that despite the recent event, the banking system still faces risks, and “dip-buys in crude oil could be the prevailing trend in the near term."

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