Oil prices continue slump in fallout from Silicon Valley Bank shutdown

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Oil prices fell more than $2 a barrel on Tuesday to their session’s low, extending the previous day’s slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fears of a fresh financial crisis.


Brent crude futures were down $1.11 or 1.3% to $79.66 a barrel at 6.26 PM, having earlier touched a low of $78.76. US West Texas Intermediate crude futures (WTI) were down $1.24 or 1.6% to $73.56 a barrel, off a low of $72.69.


On Monday, Brent and WTI fell to their lowest since early January and December, respectively. Oil prices dropped alongside a continued slide in equities markets. Commerzbank analysts forecast high volatility in the energy markets in the coming days.


“We see Monday’s develo­pments around the regional US banks as more noise than news for commodity markets, and it should not have any meaningful medium- to longer-term impact,” said UBS analyst Carsten Menke.


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