Oil prices are falling as investors evaluate the US interest rate hike

Oil prices fell on Thursday, following three sessions of gains, after Federal Reserve Chairman Jerome Powell renewed his commitment to curbing inflation, including possibly raising interest rates again.

And by 0009 GMT, Brent crude futures fell 80 cents, or 1 percent, to $ 75.89 a barrel, and West Texas Intermediate crude futures fell 84 cents, or 1.2 percent, to $ 70.06 a barrel.

Both benchmarks reached their highest closing levels since March 14, in a settlement on Wednesday.

Powell said on Wednesday that pressures in the banking sector could lead to a credit crunch, with “obvious” implications for the US economy, which US central bank officials expect to slow more than expected before this year.

The US banking crisis caused volatile trading in risky assets such as oil over the past week, with investors anticipating the US central bank’s rate hike decision on Wednesday.