Brent crude futures were down 54 cents to $76.15 a barrel at 0929 GMT, while U.S. West Texas Intermediate crude dropped 62 cents to $70.28
Oil prices dipped on Thursday, having hit their lowest since late 2021 earlier this week, after Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world’s largest economy, while U.S. crude stockpiles swelled.
Powell said on Wednesday that banking industry stress could trigger a credit crunch, with “significant” implications for an economy that U.S. central bank officials projected would slow even more this year than previously thought. Crude inventories rose in the week to March 17 by 1.1 million barrels 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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