Oil market continued to fall amid banking jittery
Industry experts said that the underlying fundamentals are not as gloomy as the market has feared, still, cautious traders prefer safer heaven including cash and gold.
International benchmarks for crude oil ended the week with additional losses on Friday, 17 March 2023, mirroring the downtrend in the equity market on deepening concerns over the banking crisis and a possible economic recession. Industry experts said that the underlying fundamentals are not as gloomy as the market has feared, still, cautious traders prefer safer heaven including cash and gold.
Brent dropped $1.73 or 2.3% to close at $72.97/barrel.
WTI fell $1.61 or 2.4% to close at $66.74/barrel.