West Texas Intermediate (WTI) crude futures closed in New York on Friday (March 17) and suffered the worst fall this week. As the crisis in the banking sector and worries about a recession drag oil prices down.
The WTI crude oil contract will be introduced in April. It was down $1.61, or 2.36%, at $66.74/barrel, and was down 13% for the week.
The Brent crude oil contract (BRENT) will be introduced in May. It was down $1.73, or 2.32%, at $72.97 a barrel and was down 11.9% for the week.
Crude oil futures this week fell the worst this year. As crises hit banks in the US and Europe, fears of a recession were raised. which will affect the demand for oil
WTI and Brent crude futures closed this week at 15-month lows, analysts said. Crude oil futures face selling pressure As investors worry about a recession following a crisis in the banking sector. Silicon Valley Bank (SVB) of the United States has suffered bankruptcy. and credit banks Switzerland also faces liquidity problems.
Analysts said that Oil prices are under pressure Because investors expect If a recession occurs, it will affect the demand for oil.
