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.
Brent crude futures fell 66 cents, or 0.9%, to $76.03 a barrel by 0420 GMT, while U.S. West Texas Intermediate crude dropped 74 cents, or 1.0%, to $70.16.since March 14 after the dollar slid to a six-week low.
However, the weakness in the dollar has been a bright spot in aiding to drive some resilience in oil prices, with some room left for upside in oil prices amid dip-buying seen at the start of this week, Yeap added. Meanwhile, U.S. crude oil stockpiles rose unexpectedly last week to their highest in nearly two years, latest data from the Energy Information Administration showed.rose by 1.1 million barrels in the week to March 17 to 481.2 million barrels, the highest since May 2021. Analysts in a Reuters poll had expected a 1.6 million-barrel drop.
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