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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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