Singapore — Oil prices fell on Thursday after three sessions of gains, after US Federal Reserve chair Jerome Powell highlighted banking sector credit risks for the world’s largest economy, while US crude stocks rose more than expected.
“Economic risks were being flagged out in the Fed meeting, while higher-than-expected US crude oil stockpiles also dampened some optimism around demand outlook,” said Yeap Jun Rong, market strategist at IG. Powell said on Wednesday that banking industry stress could trigger a credit crunch, with “significant” implications for an economy that US central bank officials projected would slow even more this year than previously thought.
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