The price of “black gold” fell on news of the closure of two banks in the US, one of which was Silicon Valley Bank.
World prices for reference grades of oil fell sharply on the first working day of the week on news of the closure of banks in the United States. This was confirmed by the trading data on Monday, March 13.
Thus, the futures price for Brent crude oil for May delivery on the London ICE Futures exchange fell by $4.08 (-4.93%) to $78.70 per barrel. The price of oil of this grade fell below $79 for the first time since January 10.
In turn, WTI crude futures for April delivery on the New York Mercantile Exchange fell $3.97 (-5.18%) to $72.71 a barrel.
The price of “black gold” fell on the news of the closure of two US banks, one of which was Silicon Valley Bank, Western agencies wrote. It is the 16th bank in terms of assets in the country. Traders believe this could lead to wider market problems and fear a financial crisis.
Another bank that closed in America, Signature Bank, is popular among cryptocurrency owners. It was previously reported that the collapse of a major crypto industry lender Silvergate Capital caused Bitcoin to crash.
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I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.