The WTI barrel variety dropped 2.6% and closed at 74.70 dollars; while the Brent rate also fell by 2.6% and ended at $80.60, according to figures posted on the New York Mercantile Exchange (NYMEX).
The drop occurred in the first hours of business when investors fled variable risk and turned to safer ones, although some of them were able to recover losses when the plans of the US authorities to strengthen the banking system took care and prevent contagion.
The Federal Reserve, the Treasury Department and the Federal Deposit Insurance System were taking emergency action to bolster confidence in the banking system to prevent the failure of Silicon Valley Bank from causing contagion.
Traders are also closely watching H’s next move after investment bank Goldman Sachs Financial Group announced a smaller interest rate hike next week due to ongoing market turmoil.
For analysts, industry traders did not expect the collapse of the 16th largest bank in the United States of America to trigger significant risk aversion.
Investors’ attention is now focused on the publication of the inflation index for February, which will be released this Tuesday, with this information, the FED will be able to estimate the size of the benchmark interest rate.
Even the football player is about the season.
Arab oil giant Saudi Aramco has forecast that future consumption will reach a record 120 million barrels per day by the end of 2023, as OPEC+ production and growth in unconventional hydrocarbons remains sluggish.
The natural gas futures contract rose 8.3% and worked out at $2.63 million BTU.
Finally, gold gained 2.8% and settled at $1,919 per ounce.
