Brent crude futures were down $1.38, or 1.7%, at $79.39 a barrel. US WTI crude futures were down $1.59, or 2.1%, at $73.22 a barrel.
oil prices fall almost 2 dollars per barrel this Tuesday, March 14, extending the drop of the previous day, while the Silicon Valley Bank’s collapse rocked equity markets and sparked fears of a new financial crisis.
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crude oil futures Brent they lose $1.38, or 1.7%, at $79.39 a barrel. US crude oil futures West Texas Intermediate (WTI) it fell $1.59, or 2.1%, to $73.22 a barrel. On Monday, Brent and WTI fell to their lowest levels since early January and Decemberrespectively.
Oil prices fall in line with the continued decline in equity markets. “We see the events of Monday around the regional banks of the United States as more noise than news for commodity marketsand should not have any significant impact in the medium to long term,” said the UBS analyst Carsten Menke.
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the sudden closure of SVB Financial shot the concern about risks that other banks run as a result of the sharp rises in interest rates applied by the Federal Reserve American in the past year.
Traders are no longer expecting a 50 basis point (bp) rate hike next week, and currently forecast a rise of 25 bpeven before US consumer price data is released on Tuesday.
A lower rate hike could mean a weakening dollarwhich in turn is a signal bullish for oil prices.
A higher-than-expected result for US consumer inflation could push oil prices further downward.
The monthly report on the oil market of the Organization of the Petroleum Exporting Countries (OPEC) will be published on Tuesdaybefore the International Energy Agency (IEA) does so on Wednesday.
Source: Ambito
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