He oil price Texas Intermediate (WTI) fell 5.21% this Wednesday and closed at $67.61 a barrel, affected by the banking crisis that began last Friday in the United States and is now strongly punishing European banks and, in special to Credit Suisse.
At the close of business in NYa barrel of WTI for April delivery fell $3.72 compared to the previous day’s close.
The last time the price of US crude oil was below $70 was in December 2021.
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Investors fear that a new financial crisis will translate into a reduction in future demand for oil.
Besides, the International Energy Agency (IEA) reported Wednesday that oil has been building up in storage tanks as supply has been strong and demand has remained weak.
“The market is caught in the riptide of supply outpacing still lackluster demand, with inventories rising to levels not seen in 18 months,” the IEA monthly report said today.
Elsewhere, natural gas futures contracts for April were down $0.13 to $2.43, and gasoline futures due the same month were down $0.11 to $2.43.
