Quotes fell on renewed fears of a recession in the global economy and a US bank failure.
World oil prices continue to decline and have already consolidated below $76 per barrel, the lowest level since December 2022. This was confirmed by trade data on Wednesday, March 15.
Thus, the futures price for Brent crude for May delivery on the London ICE Futures exchange fell by $2.42 (-3.12%) to $75.03 per barrel.
In turn, WTI crude futures for April delivery on the New York Mercantile Exchange fell $2.38 (-3.34%) to $68.95 per barrel.
On the eve of the price of Brent fell by 4.1%, WTI – by 4.6%, updating the lows since December of last year. Quotes fell on renewed fears of a recession in the global economy and a US bank failure.
Traders are afraid of high rates by central banks. In particular, the US Federal Reserve can maintain a “hawkish” policy, which will strengthen the dollar and make it easier for consumers to access goods – countries that issue other currencies.
Recall that on March 10, the US financial regulator closed the California Silicon Valley Bank. His bankruptcy was the largest since the financial crisis of 2008. Following SVB, the American authorities shut down New York Signature Bank.
It was later learned that due to the bankruptcy of Silicon Valley Bank, global financial stocks lost $465 billion.
US President Joe Biden addressed the nation and said that “Americans can rest assured that the banking system is safe.”
news Correspondent.net on Telegram. Subscribe to our channel Athletistic
Source: korrespondent
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.