Oil prices fall amid US banking crisis, low demand


Oil prices fell on Thursday 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.— AA