He oil price Texas Intermediate (WTI) fell 2.35% this Friday and closed at $66.74 a barrel, which translates into a weekly loss of close to 13%, losing almost $10 in five sessions.
At the close of business in New York, a barrel of WTI for April delivery was down $1.61 from the previous day’s close.
This drop in crude comes after bank shares fell again today.
“Oil prices have plummeted this week as turmoil in the banking sector has increased the risk of a major economic slowdown or recession this year,” it said in a statement. Craig Erlammarket analyst for OANDA.
You could read: Fuel prices stay the same
US benchmark oil, which this week has fallen below $70 for the first time since December 2021, rose 1% yesterday after the main US banks came to the rescue of the First Republic Bank with an injection of 30,000 million dollars.
The biggest drop of the week was on Wednesday, when it plunged 5%.
On the other hand, natural gas futures contracts for April were down $0.17 to $2.33, and gasoline futures due the same month were down $0.002 to $2.5.
