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The Energy Word Founder Daniel Dicker discusses the rebound of oil futures amid the ongoing banking crisis and details the technical aspects that are effecting ongoing price shifts.
Brent crude futures dropped 30 cents to $77.82 a barrel by 0312 GMT. "Though risks remain in the banking system amid the recent event, dip-buys in crude oil could be the prevailing trend in the near term," said Tina Teng, an analyst at CMC Markets. Prices rose in the previous session after Turkey stopped pumping crude from Kurdistan via a pipeline following an arbitration decision that confirmed Baghdad's consent was needed to ship the oil.
While other oil majors have left Alaska due to high capital costs and regulatory hurdles, one U.S. oil firm is pushing ahead with oil development in the state, betting on a new project that could pump crude for decades