WTI crude rose more than 3% in February due to the growth of the dollar.

Oil prices have dropped for a fourth consecutive month as concerns over the Federal Reserve’s monetary policy and a rise in US stocks outweighed hope for increased demand in China, the world’s biggest importer.

WTI oil increased to $76 per barrel, yet the drop this month is still greater than 3%.

Traders have been preparing to reduce production in Russia since March.

With US inventories reaching their highest level since May 2021 and hopes that the Fed would continue to raise interest rates, the oil crisis started in February.

Although Moscow promised to reduce production in March as a result of Western sanctions, traders are also keeping a watch on Russian exports throughout the conflict in Ukraine.

Many banks are reducing their crude oil price projections this year as the commodity has yet to acquire momentum. Bank of America Corp. lowered its 2023 Brent oil forecast to $88/bbl from $100/bbl due to strong Russian production and a weaker-than-expected start to the year.

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