Oil prices fell on Thursday following three sessions of gains, after US Federal Reserve Chair Jerome Powell re-stated his commitment to curbing inflation, including the possibility of more interest rate rises.

Brent crude futures had fallen 80 cents, or 1%, to $75.89 a barrel, while US West Texas Intermediate crude (WTI) dropped 84 cents, or 1.2%, to $70.06.

Powell also 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.

The bank crises have caused volatile trade in riskier assets like oil over the last week as investors awaited the Feds decision on rate hikes on Wednesday.

Source: Qatar News Agency