Prices of the barrel of the American benchmark for the sweet light crude oil add to Thursday’s pullback and revisit the sub-$67.00 region at the end of the week, or 3-day lows.
WTI weaker on banking turmoil, strong dollar
In fact, banking concerns and rising jitters on a potential contagion continue to weigh on traders’ sentiment and underpin at the same time the daily retracement.
Also playing against the commodity appears the marked bounce in the greenback in combination with recent news that the Biden administration could delay until the next year its restocking of oil inventories.
Later in the session, Baker Hughes will publish its usual weekly report on US oil rig count in the week to March 24.
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