Oil dips after Fed comments, US crude stock

24 November 2024

Oil dips after Fed comments, US crude stock build

09:50 23 March 2023 Read: 1032

Oil dips after Fed comments, US crude stock build

Oil prices fell on Thursday following three sessions of gains, after Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world's largest economy, while U.S. crude stocks rose more than expected, AzVision.az reports citing Reuters.

Brent crude futures fell 66 cents, or 0.9%, to $76.03 a barrel by 0420 GMT, while U.S. West Texas Intermediate crude (WTI) dropped 74 cents, or 1.0%, to $70.16.

Both crude benchmarks settled on Wednesday at their highest close since March 14 after the dollar slid to a six-week low.

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