Nakhodka, March 28 (BNA): Crude oil prices fell after rising in the previous session, with markets focusing on developments in the banking crisis and signs of boosting demand in China.
Reuters reported that prices eased after rising at the fastest pace in more than four months on Monday.
US West Texas Intermediate crude fell 4 cents, or 0.05%, to $72.77.
Brent crude futures fell 30 cents to $77.82 a barrel by 03:12 GMT.
Prices rose in the previous session after Turkey stopped pumping crude from Kurdistan through a pipeline after an arbitration decision confirmed that Baghdad’s approval was required to ship the oil.
Monday’s announcement that First Citizens BancShares Inc would take over deposits and loans from a failed Silicon Valley bank sparked optimism about the state of the banking sector that rattled financial markets.
Oil prices are also likely to continue to find support from signs of recovery in Chinese demand.
China’s imports of crude oil are expected to rise 6.2% in 2023 to 540 million tons, according to an annual forecast from a research unit of the China National Petroleum Corporation.
NAA