The US oil contract WTI It was listed this Wednesday morning at its lowest price since December 2021, due to fear of the impact that the bank’s difficulties may have Credit Suissewhich are added to the bankruptcy of the North American Silicon Valley Bank.
Around 11:00 GMT, the barrel of West Texas Intermediate (WTI) for April delivery was down 1.53% to $70.24 after briefly trading below the $70 threshold at $69.76.
For its part, the barrel of Brent from the North Sea for delivery in May, lost 1.43% and traded at 76.34 dollars, its lowest level of the year.
The repercussions of bank failure Silicon Valley Bank (SVB) continue to “affect the financial and oil markets“, according to analysts at Energi Danmark. Given this volatility, investors prefer safe-haven securities.
Prices fall because the market fears a recession and a drop in demand,” the analysts added.
This Wednesday, fears with European banks were fueled by Credit Suisse, after its main shareholder, the Saudi National Bankwill rule out increasing its participation in the capital of this entity that has already been dragging problems for months.
“What started as a regional banking crisis in the United States has suddenly morphed into a European crisis,” Chris Beauchamp, an analyst at IG, told AFP.
