Oil edges up after three days of decline

Oil drilling rigs

Oil prices turned upwards today, March 16, after three days of decline driven by the banking crisis in the United States.

 

International benchmark Brent crude was trading up 0.77% at $74.26 a barrel, at 9:17 am Makkah time. The grade plunged to the lowest level since December 2021 in the previous session.

 

West Texas Intermediate (WTI) crude rose 0.67% to $68.06 a barrel. The US benchmark lost nearly 12% over the past three sessions.

 

The International Energy Agency forecast that the oil market may witness a supply deficit in the second half of this year, as the Chinese economy recovers.

 

Latest data from the Energy Information Administration showed that US crude inventories rose by 1.55 million barrels last week.

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