Brent futures were down $2.09, or 2.8%, at $72.52 a barrel, not touched since September 2021. Meanwhile, US West Texas Intermediate (WTI) fell $2 , or 2.8%, to $66.34, a value that had not reached since December 2021.
oil prices fall This Friday, March 17, they erase the earnings from the beginning of the wheel that were recorded after a meeting between Saudi Arabia and Russia. They do so in tune with the fall in global markets, which are falling despite the bailouts of the First Republic Bank and Credit Suisse.
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The futures of Brents are down $2.09, or 2.8%, at $72.52 per barrel, a value that had not touched since sSeptember 2021. Meanwhile, the US West Texas Intermediate (WTI) fell $2, or 2.8%, to $66.34value that did not reach since December 2021.
Both referential hit more than a year lows this week and they are on their way to register their biggest weekly declines since December, around 9%.
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Oil and other world assets They came under pressure this week from the failures of Silicon Valley Bank (SVB) and Signature Bank and the problems of Credit Suisse and First Republic Bank.
“The conditions for volatile trade remain intact. The oil price roller coaster is pausing for breath, but it is by no means over,” he said. Stephen Brennockfrom the PVM brokerage.
OPEC+ members, who attributed this week’s price weakness to financial factors Rather than an imbalance between supply and demand, they added that they expect the market to stabilize.
Thursday’s meeting between big oil producers Saudi Arabia and Russia also eased fears early in the round, but was not enough to contain the impact of the international financial market decline.
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