Oil prices fell at the settlement by more than 2 percent in volatile trading, as the collapse of the Silicon Valley bank caused turmoil in stock markets and raised fears of a new financial crisis, but the recovery of Chinese demand provided support for crude.
Brent crude futures fell $2.01, or 2.4 percent, to $80.77. The global benchmark earlier fell to a session low of $78.34, its lowest since early January.
US West Texas Intermediate crude futures fell $1.88, or 2.5 percent, to $74.80. Crude earlier fell to $72.30, its lowest price since December.
