Crude prices dip after rally amid banking optimism

News Image

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

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."

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 165,596.07
264.75M
-0.54%
-902.76
ALLSHR 100,017.71
623.24M
-0.46%
-463.69
KSE30 49,464.92
86.97M
-0.60%
-299.08
KMI30 238,952.40
97.00M
-0.58%
-1388.16
KMIALLSHR 65,314.16
323.73M
-0.44%
-285.47
BKTi 44,788.98
46.84M
-0.77%
-347.65
OGTi 35,107.09
7.04M
-0.41%
-145.22
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 79,165.00 81,895.00
78,675.00
-2455.00
-3.01%
BRENT CRUDE 109.47 109.75
106.26
3.75
3.55%
RICHARDS BAY COAL MONTHLY 110.00 0.00
0.00
-2.95
-2.61%
ROTTERDAM COAL MONTHLY 109.00 109.00
108.75
1.25
1.16%
USD RBD PALM OLEIN 1,191.50 1,191.50
1,191.50
0.00
0.00%
CRUDE OIL - WTI 101.16 101.57
97.23
4.24
4.37%
SUGAR #11 WORLD 14.78 15.07
14.67
-0.21
-1.40%

Chart of the Day


Latest News
May 16, 2026 at 12:38 AM GMT+05:00

Petrol, Diesel prices slashed by Rs5


May 15, 2026 at 05:16 PM GMT+05:00

A Nation on the Mend, But Scars Run Deep


May 15, 2026 at 05:14 PM GMT+05:00

PSX Closing Bell: From Green Dreams to Red Reality



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg