Oil drops on concerns over health of banking industry

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

0:00

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.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	166,242.90 704.43M	1.49% 2436.69
ALLSHR	101,132.82 1,476.65M	1.29% 1287.02
KSE30	50,886.61 318.61M	1.52% 762.76
KMI30	241,116.65 128.48M	1.08% 2586.15
KMIALLSHR	66,519.44 717.61M	0.94% 621.34
BKTi	47,711.07 207.32M	2.87% 1330.11
OGTi	32,418.62 12.56M	1.76% 561.21

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	111,140.00	111,140.00 110,700.00	65.00 0.06%
BRENT CRUDE	60.94	61.55 60.07	-0.35 -0.57%
RICHARDS BAY COAL MONTHLY	80.50	0.00 0.00	-1.50 -1.83%
ROTTERDAM COAL MONTHLY	92.75	92.75 92.75	-0.25 -0.27%
USD RBD PALM OLEIN	1,085.00	1,085.00 1,085.00	0.00 0.00%
CRUDE OIL - WTI	56.99	56.99 56.89	-0.03 -0.05%
SUGAR #11 WORLD	15.77	15.78 15.51	0.27 1.74%