WTI falls on US banking fears amidst a soft US Dollar Oil WTI Energy
A weaker US Dollar put a lid on WTI’s price.Western Texas Intermediate , the US crude oil benchmark, dropped more than 2% on risk-off impulse, with a bank crisis in the raising fears for a possible contagion. Nevertheless, a recovery in Chinese demand put a lid on WTI’s fall. At the time of writing, WTI is trading at $74.54 after hitting a high of $77.42.
US assets dropped in value last week due to worries about the impact of Silicon Valley Bank’s collapse, and regulators shut down another bank in New York on Sunday. On Monday, U.S. stocks were mostly up but volatile as investors wondered if the Fed would stop raising interestThe sudden closure of SVB Financial raised questions about how other banks were affected by the Fed’s fast rate increases in the past year. It also made investors think the central bank might slow down its monetary policy.price usually increases with a weaker US Dollar because oil becomes more affordable for people who use other currencies.
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