Oil Prices Under Pressure From Oversupply And Economic Uncertainty

Crude oil prices moved lower today as the Federal Reserve signaled the U.S. economy is not yet out of the woods and the EIA reported yet another weekly build in crude oil stocks. Although prices had inched up right after the Fed’s monetary policy meeting, which concluded with a decision for a 25-basis-point interest rate hike, they got pressured by comments made by chair Jerome Powell about credit risks in the banking system of the country. The comments follow two rather spectacular banking collapses earlier this month that sent crude oil…