Oil Prices Tumble Amid Banking Sector Concerns.
TL;DR Summary
US West Texas Intermediate crude oil prices fell by 1% after US Energy Secretary Jennifer Granholm informed lawmakers that refilling the Strategic Petroleum Reserve might take several years, raising concerns about potential oversupply. However, crude oil is still being supported by a weaker US dollar, higher gasoline prices, and surging demand from China. The market is still higher for the week and in a position to post a potentially bullish closing price reversal bottom.
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