Market Reports Point to Stable U.S. Economy and Energy Sector

March 16, 2023--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Both U.S. crude oil production and the overall economy should remain resilient against various headwinds, data from both the Organization of Petroleum Exporting Countries (OPEC) and the U.S. Energy Information Administration (EIA) showed.

Crude oil prices during the week of March 13 were in a freefall after the collapse of Silicon Valley Bank and New York's Signature Bank. On Wednesday, West Texas Intermediate, the U.S. benchmark for the price of oil, moved well below $70 per barrel for the first time since August 2021.