The rapid decline in prices for “black gold” is associated with the collapse of the shares of Credit Suisse and other major banks in Europe and the United States.
The oil market continues to rapidly fall in prices. The price of Brent oil futures fell below $72 per barrel for the first time since December 2021, according to trading data on Wednesday evening, March 15.
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Thus, Brent crude for May delivery on the London ICE Futures exchange fell by $5.78 (-7.46%) to $71.67 per barrel.
In turn, WTI crude futures for April delivery on the New York Mercantile Exchange fell $5.63 (-5.63%) to $65.70 a barrel.
Such a rapid decline in prices for “black gold” due to the collapse of the shares of Credit Suisse and other large banks in Europe and the US. This gives rise to fears for the world economy and, as a result, the risks of a decrease in demand for energy carriers, Western agencies write.
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.
Also, prices were affected by information about the growth of oil reserves in the US from the Department of Energy. Last week, they increased by 1.55 million barrels to 480.06 million barrels. The increase was recorded following the results of 11 weeks from the last 12.
It will be recalled that this week, US President Joe Biden addressed the nation and said that “the American people can rest assured that the banking system is safe.”
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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.