Oil prices have tumbled to their lowest levels in more than a year as crises in the banking sector unsettled financial markets and stoked fears for the broader economy.
Brent crude, the global energy benchmark, slipped 5 per cent on Wednesday to settle at $73.69 a barrel. That left it down more than 10 per cent this week and at its lowest level since December 2021. West Texas Intermediate, the US marker, fell below $70 a barrel to settle at $67.61.
“You’re getting a lot of hedge fund liquidation,” said Dennis Kissler, senior vice-president of trading at BOK Financial, an Oklahoma bank. “You’re seeing uneasiness in the financial sector bleeding over to the energy sector.”
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