Oil Prices Are Falling Amid Fears Of A New Financial Crisis

INA-sources
 
Oil prices fell at the settlement by more than 2 percent in volatile trading yesterday, Monday, 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 a barrel.
 
Crude earlier fell to $72.30 a barrel, its lowest since December.
 
US authorities took emergency measures Sunday to boost confidence in the banking system after fears of contagion from the collapse of the Silicon Valley bank led to a sale of US assets at the end of last week and US regulators closing New York-based Signature Bank
 
Source: Globe Echo