Oil prices fell on Thursday after three sessions of gains, after Federal Reserve Chairman Jerome Powell renewed his commitment to rein in inflation, including the possibility of another interest rate hike.
By 00:09 GMT, Brent crude futures were down 1 percent at $75.89 a barrel, and West Texas Intermediate crude futures were down 1.2 percent at $70.06 a barrel.
Both crude reached their highest levels at the close since March 14 in a settlement on Wednesday.
Powell said on Wednesday that banking sector pressures could lead to a credit crunch with "clear" repercussions for the U.S. economy, which U.S. central bank officials expect to slow further than previously expected this year.
The U.S. banking crisis has caused volatility in risky assets such as oil over the past week, with investors awaiting the Fed's decision on raising interest rates on Wednesday.
On Wednesday, the US Federal Reserve decided to raise key interest rates by 25 basis points (a quarter of a percentage point), the same amount of increase it approved in early February, after the bank had raised interest rates by 50 basis points last December, following 4 consecutive increases of 75 points, bringing today the benchmark interest rate to a range of 5% from 4.75%, the highest level since 2007, that is, before the global financial crisis.