International benchmark Brent crude oil traded below $73 per barrel on Wednesday, its lowest since March 24, as uncertainty continues to drag on the US economy
MOSCOW (Pakistan Point News / Sputnik - 03rd May, 2023) International benchmark Brent crude oil traded below $73 per barrel on Wednesday, its lowest since March 24, as uncertainty continues to drag on the US economy.
June Brent futures on the Intercontinental Exchange shed more than 3% of their value to price at $72.95 per barrel, while the US benchmark West Texas Intermediate (WTI) dropped 3.25% to $69.33 per barrel.
The slump comes as investors wait for the US Federal Reserve to announce a new interest rate hike later on Wednesday, following a string of bank failures in the United States. Uncertainty also continues to hang over debates in Congress as to whether the federal debt ceiling should be raised to avoid a default in June.
