A barrel of West Texas Intermediate (WTI), the U.S. benchmark, ended Wednesday at its lowest level since late December 2021 amid turmoil in the banking and financial sectors, according to AFP.
WTI for April delivery fell 5.21% to $67.61 after falling to $65.65 during the session.
Brent North Sea crude for May delivery was 1.43% cheaper at $76.34 at 11:30 GMT (1:30 PM Romania), trading at its lowest level this year.
Both global benchmarks fell by more than 8% this week.
The fallout from the bankruptcy of US-based Silicon Valley Bank (SVB) continues to “impact financial markets and the oil market”, prompting investors to turn to safe assets, analysts at Energi Danmark say. “The market is afraid of a recession and a fall. demand, which pushes prices down,” the quoted experts added.
Source: Hot News
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