Oil market extended losses on deepening banking sector turmoil
Adding more pressure on the energy complex is the latest report from the Energy Information Administration that showed the commercial crude stocks in the US rose 1.6 million barrels last week.
International benchmarks for crude oil slid about 5% on Wednesday, 15 March 2023 on deepening fears over the global banking system turmoil that could have a ripple effect on the economy. Traders are dropping risky assets to protect their positions.
Brent crude fell by $3.76 or 4.9% to $73.69 a barrel, while US West Texas Intermediate crude dropped by $3.72 or 5.2% to $67.61 a barrel.
Adding more pressure on the energy complex is the latest report from the Energy Information Administration that showed the commercial crude stocks in the US rose 1.6 million barrels last week.