Oil Prices Tumble Amid Banking Sector Concerns.
TL;DR
US West Texas Intermediate crude oil prices fell by 1% after US Energy Secretary Jennifer Granholm informed lawmakers that refilling the Strategic Petroleum Reserve might take several years, raising concerns about potential oversupply. However, crude oil is still being supported by a weaker US dollar, higher gasoline prices, and surging demand from China. The market is still higher for the week and in a position to post a potentially bullish closing price reversal bottom.
Topics:businessenergy#china#crude-oil#energy#jennifer-granholm#strategic-petroleum-reserve#us-dollar
- Traders Cautiously Optimistic After Major Selloff In Crude OilPrice.com
- Crude prices fall as US holds off on replenishing reserves Financial Times
- Oil down, shredding weekly gain, as banking crisis again rears ugly head By Investing.com Investing.com
- Oil Prices Crash 4% As European Banking Stocks Slump OilPrice.com
- Oil slides amid concerns over health of banking sector CNBC
Want the full story? Read the original reporting
Read on OilPrice.com