The collapse of a major US Silicon Valley Bank rocked stock markets and raised fears of a new financial crisis.
Oil prices are holding below $80 per barrel amid investor fears about the possibility of a new financial crisis. This was confirmed by the trading data on Tuesday, March 14.
Thus, the futures price for Brent crude oil for May delivery on the London ICE Futures exchange fell by $1.55 (-1.92%) to $79.22 per barrel.
In turn, futures for WTI crude for April delivery on the New York Mercantile Exchange fell $1.62 (-2.17%) to $73.18 per barrel.
On Monday, Brent fell to its lowest level since early January and WTI to its lowest level since December. This is due to the fact that the collapse of the big bank Silicon Valley Bank in the US shook the stock market and raised fears of a new financial crisis.
Recall that in two days shares of the global financial sector lost $465 billion in market value. Investors reduced investments in financial institutions around the world after the collapse of Silicon Valley Bank. US regional banks suffered the most.
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Source: korrespondent
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