New York West Texas Intermediate (WTI) crude futures closed lower on Friday (March 24), weighed down by renewed concerns about liquidity in the US and European banking sector. This will lead to tight credit conditions. And it can cause the economy to slow down and affect the demand for oil.
The WTI crude oil contract will be introduced in May. It shed 70 cents, or 1%, to $69.26 a barrel, but was up 3.5% for the week.
The Brent crude oil contract (BRENT) will be introduced in May. Off 92 cents, or 1.2%, at $74.99 a barrel. But it has risen 2.8% this week.
WTI crude futures fell more than 2% to nearly $68 on Friday. Amid concerns about crises in the US and European banking sectors This will affect the economy and the demand for oil.
Deutsche Bank, Germany’s largest bank caught the attention of investors around the world on Friday. Deutsche Bank share prices plunged in Europe and the US after Credit Default Swap (CDS), Deutsche Bank’s debt hedging derivative, hit its highest level in four years.
Investors will be keeping an eye on the meeting of the OPEC Committee and its allies. Or OPEC Plus on April 3, while the source reveals that OPEC Plus is likely to maintain its oil production policy by cutting output by 2 million barrels per day until the end of 2023 despite the recent banking crisis.
