West Texas Intermediate (WTI) crude futures in New York closed Friday (March 17) and suffered the worst drop this week. As the crisis in the banking sector and concerns regarding a recession dragged oil prices down.
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WTI Crude Oil Contract for April Delivery It was down $1.61, or 2.36%, at $66.74/barrel, and was down 13% for the week.
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Brent crude oil contract (BRENT) for delivery in May. It was down $1.73, or 2.32%, at $72.97 a barrel and was down 11.9% for the week.
Crude oil futures fell this week the worst this year. As crises hit banks in the US and Europe, recession concerns were raised. which will affect the demand for oil
Both WTI and Brent crude futures closed this week at 15-month lows, analysts said. Crude oil futures face selling pressure As investors worry regarding a recession in the wake of a crisis in the banking sector. The Silicon Valley Bank (SVB) of the United States has suffered bankruptcy. and credit banks Switzerland also faces liquidity problems.
Analysts commented that Oil prices are under pressure Because investors expect If a recession occurs, it will affect the demand for oil.
By InfoQuest News Agency (18 Mar. ’23)
Tags: WTI oil, crude oil, oil price
