The banking crisis unleashed in the United States had an impact on the commodity markets on Monday and led to a fall in oil prices while it produced a rise in gold that crossed the barrier of 1,900 dollars, in a day of high volatility as Investors fled from risky options and tried to seek protection in safer, higher-quality assets.
The barrel of the WTI variety marked a drop of 2.6% and closed at 74.70 dollars; Meanwhile he Brent rate also fell by 2.6% and ended at $80.60, according to figures consigned in the New York Mercantile Exchange (NYMEX).
The drop occurred from the first hours of business when investors fled risk variables and turned to safer assets, although they managed to recover some of those losses when the US authorities launched measures aimed at strengthening confidence in the banking system. and prevent contagion.
The Federal Reserve, the Treasury Department and the Federal Deposit Insurance system took emergency measures to bolster confidence in the banking system for fear that the failure of Silicon Valley Bank would cause contagion.
Traders are also closely watching the Fed’s next move after investment bank Goldman Sachs Group forecast the monetary body would order a smaller interest rate hike next week due to ongoing market turmoil.
For analysts, energy traders did not expect the collapse of the 16th largest bank in the United States to trigger a major wave of risk aversion.
Now the attention of investors is focused on the diffusion of the inflation index for February that will be released this Tuesday, given that with this information, the FED will be able to decide the magnitude of the adjustment of the reference interest rate.
Still, investors remain optimistic about the long-term outlook.
The Saudi Arabian Giant Aramco forecast that consumption will likely hit a record 102 million barrels a day by the end of 2023.while OPEC+ restricts production and the growth of non-conventional hydrocarbons continues to be slow.
Natural gas futures contracts rose 8.3% and traded at $2.63 per million BTU.
Finally, gold gained 2.8% and settled at $1,919 per ounce.
