Bank Crisis Triggers Losses In Crude Oil Prices

Brent crude prices logged losses on Monday, dropping below $72 per barrel in intraday trade amid volatility in the banking sector.

The Brent contract with May delivery was trading at $71.64 per barrel down by $1.33 per barrel from last Friday’s close while the front-month April WTI Nymex was at $65.52 per barrel, lower by $1.22 per barrel from the previous settlement.

Oil prices have come under pressure from a crisis in the Western banking sector, which has seen the downfall of tech startup-focused Silicon Valley Bank and the takeover of embattled Credit Suisse by Swiss rival UBS in the span of two weeks.