Evening update for Crude oil price 13-03-2023

Crude oil price declined sharply and quickly to break 75.64 level and reach 72.00$ per barrel barrier, affected by the Silicon Valley bank’s collapse, trading near 75.64 level again now, settling below it, making the bearish bias suggested in the upcoming sessions, but we recommend to stay aside until the price settles, through monitoring the mentioned level, noting that holding below it will push the price to decline towards 70.30 areas on the near term basis, while stepping above it might lead the price to build new bullish wave on the intraday basis.