Written by Marwa Al Ghoul
Sunday, March 19, 2023 02:00 PM
registered Oil prices Global markets recorded weekly losses, as Brent crude, the global benchmark, fell by about 12%, and US West Texas Intermediate crude fell by about 13%.
Oil ended the week’s trading with significant declines, as concerns about the banking sector prompted the two benchmarks to record their biggest weekly losses in months.
And in the Friday session, he gave up oil For its early gains, Brent crude futures fell $1.73, or 2.3%, to $72.97 a barrel at settlement, while US West Texas Intermediate crude lost $1.61, or 2.4%, to reach $66.74.
Brent lost about 12% during the week, recording the largest weekly loss since December, and West Texas Intermediate crude futures fell 13% since last Friday’s close, recording its largest weekly loss since last April.
“The fundamentals are not as bad as the market expects here, but there are concerns that oil will not be as safe as it is for liquidity or gold,” John Kilduff, a partner at Again Capital in New York, told Reuters.
The crisis of the collapse of Silicon Valley and Signature banks in America raised fears of infection spreading to other banks around the world, similar to what happened in the global financial crisis in 2008, which led to a strong selling wave of assets.
