Oil prices are decreasing due to investors’ assessment of the increase in US interest rates.

Oil prices dropped on Thursday following three consecutive sessions of gains. This was in response to Jerome Powell, the Chairman of the Federal Reserve, renewing his commitment to controlling inflation, including the possibility of raising interest rates again.

At 09:13 Greenwich Mean Time, Brent crude futures fell by 40 cents or 0.52%, reaching $76.29 per barrel, while West Texas Intermediate futures dropped by 47 cents or 0.66%, reaching $70.43 per barrel.

According to Reuters, oil prices reached their highest level at closing since March 14th.

Paul stated yesterday that banking sector pressures could lead to a credit crisis with clear repercussions on the American economy, which officials at the U.S. central bank expect to slow down more than anticipated this year.

The crisis of American banks caused fluctuations in the trading of risky assets, such as oil, during the past week. Investors were anxiously awaiting the decision of the American central bank regarding interest rate hikes on Wednesday.