Oil Prices Unaffected by Large Inventory Draw Amid Recession Fears
TL;DR Summary
Oil prices fell due to renewed concerns about the US banking sector after California-based lender First Republic lost 40% of its deposits in the first quarter. A stronger US dollar also weighed on oil prices. US consumer confidence declined in April for the third time in four months. The oil market has already seen a fair amount of weakness over the last week as falling refinery margins raised concern about demand.
Topics:business#banking-sector#consumer-confidence#crude-oil-inventories#energy#oil-prices#us-economy
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