Oil closes at highest level in two weeks; WTI crude exceeds $73

Oil drilling rigs

Oil prices closed at the highest level in two weeks today, March 28, amid continued optimism about the banking sector.

The state of optimism in the global markets regarding the end of the banking system crisis continued to support the performance of the oil market, in addition to the decline of the US dollar.

Bloomberg reported that the OPEC+ did not show any indication of adjusting oil production during its meeting scheduled for next week.

Investors are awaiting the release of the American Petroleum Institute data on oil inventories later in the day, with the Energy Information Administration to announce the official inventory numbers on March 29.

Brent crude rose 0.7%, or 53 cents, to close at $78.65 a barrel.

WTI crude increased by 0.5%, or 39 cents, to record $73.20 a barrel – the highest level since March 13.