Federal Reserve (FED) Chairman Jerome Powell mentioned on March 7 that the FED will prepare to expedite interest rate hikes if accelerate monetary tightening is necessary. Therefore, the market raised concerns about rising interest rates. International crude oil future prices fell by more than 3% on March 7.

Besides, China's General Administration of Customs announced that China's total import value in January and February 2023 dropped by 10.2%, which affected crude oil prices.

West Texas Intermediate crude for April delivery decreased by US$2.88, reaching US$77.58/barrel on the New York Mercantile Exchange.

Brent crude for May delivery fell by US$2.89, settling at US$83.29/barrel.