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Oil plummeted to its lowest value in a year and a half

Oil plummeted to its lowest value in a year and a half

He oil price plummeted this Wednesday March 15 and registered his lowest value since September 2021 for him Brent. He West Texas Intermediate (WTI) For its part, the US follows it in the downward trend and touches US$66, its lowest value since December 2021.

The crude Brent falls a 6%to $72.35 the barrel. While US crude futures West Texas Intermediate (WTI) they go down a 6.3%to $66.84.

The sharp drop in oil prices took place within the framework of the Unrest Shaking Global Markets by Credit Suisse and? countered hopes of a recovery in oil demand in China.

The first signs of a return to market stability faded after the largest investor in Credit Suisse It said it could not provide the Swiss bank with more financial help, sending its shares and other European stocks tumbling.

“No matter what your risky asset is, at this point people are distancing themselves from the different instruments“, said Robert Yawger, director of energy futures at Mizuho in New York. He also added that “nobody wants to go home with a big position in anything today (…) there is nowhere to hide“.

both contracts they had fallen more than 4% on Tuesdaypressured by fear That the Silicon Valley collapse bank (SVB) last week and other bank failures in the United States could trigger a financial crisis that will hit the demand for fuel.

The dollar got stronger against a basket of currencies, making the purchase of crude oil more expensive for those who use other currencies.

Crude oil reserves in the United States increased 1.6 million barrels last week, according to government data, more than the 1.2 million barrels expected by Reuters analysts.

Source: Ambito

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