iPath Pure Beta Crude Oil ETN [OIL] Stock Forecast

CNBC's Pippa Stevens joins ‘Power Lunch' to report on the oil market.

Oil prices settled lower on Thursday, with U.S. benchmark prices falling back below $70 a barrel just a day after topping that level for the first time in a week. “The banks are the main driver of oil, and really all risk assets today, as fading confidence in the financial system is reigniting fears that another crisis may be looming after we saw some of the biggest bank failures since 2008 in early March,” said Tyler Richey, co-editor at Sevens Report Research.

Oil traders are taking some profits off the table after the strong rebound.

Crude oil markets have rallied again during the day on Thursday as we continue to see a bit of a recovery after a massive selloff.

Oil rallied through the first half of 2022 and peaked at $123.68 on June 14. The commodity trimmed its gain in the second half but ended the year with roughly a 7% gain as opposed to the losses experienced by most other asset classes.

Ed Morse, Citi global head of commodities research and managing director, joins 'Squawk Box' to discuss if Morse ties the move in oil to the Federal Reserve, why a bump in global oil demand hasn't driven prices higher, and more.

Oil futures were lower Thursday, losing ground a day after the Federal Reserve delivered another quarter-point interest rate hike.

Oil prices surge due to Fed's rate hike pause, pushing U.S. benchmark to highest close since March 14.

Oil prices settled with a gain on Wednesday, shortly after the Federal Reserve announced its decision to boost its benchmark fed funds rate by a quarter of one percentage point. Oil prices and equities rallied in the minutes following the Fed announcement, as the central bank's “language around future rate hikes softened, which supports the outlook for risk assets,” said Troy Vincent, senior market analyst at DTN.

The significant decline in gasoline inventories provided material support to oil markets.