Investing.com – With less than 24 hours to the release of America’s most influential indicator on inflation and the potential rate hike that could trigger, oil prices tumbled for another reason: Worries over a U.S. banking debacle.

Crude prices tumbled as much as 4% Monday before settling down more than 2% despite financial regulators saying they have acted to contain fallout from the collapse of Silicon Valley Bank, one of the country’s top 20 lenders. The Biden administration also has assured there won’t be a relapse of the financial crisis from 15 years ago.

“Selling pressure could continue to push WTI towards $71.50 and $70.50,” said Suinil Kumar Dixit, chief technical strategist at SKCharting.com.