Oil drops on concerns over health of banking industry

MG News | March 27, 2023 at 02:24 PM GMT+05:00

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March 27, 2023 (MLN): Oil prices fell on Monday as concerns over the health of the banking industry caused traders to focus on market volatility.

The West Texas Intermediate (WTI) for May delivery dropped by 1% to settle at $69.26 a barrel, while Brent crude for May delivery lost 1.21% to close at $74.99 a barrel. The decline in oil prices came as shares of Deutsche Bank came under significant pressure due to a spike in the cost of insuring against its default.

This reignited concerns over the health of the banking sectors in the US and Europe, causing investors to turn cautious. Despite the drop on Monday, oil prices managed to notch a gain for the week, as demand for crude oil continues to rise on the back of an economic recovery in major economies such as the US and China.

However, concerns over rising COVID-19 cases and new lockdown measures in some parts of the world continue to weigh on market sentiment.

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