Oil plunged more than 2% on Monday on SVB fallout
Meanwhile, the Energy Information Administration said US shale oil production might increase to the highest level since December 2019 in April.
International benchmarks for crude oil nosedived more than 2% on Monday, 13 March 2023 as the fallout of Silicon Valley Bank (SVB) threatened a banking system meltdown in the US. The bearish sentiment hit the commodity market across the board. Meanwhile, the Energy Information Administration said US shale oil production might increase to the highest level since December 2019 in April.
Brent loses $2.01 or 2.4% to settle at $80.07/barrel.
WTI slipped $1.88 or 2.5% to close at $74.80/barrel.