The oil price has hit its lowest level since December 2021, as traders fear that the banking crisis will pull economies into recession.
Brent crude, the international benchmark, has dropped by 2.5% this morning to $71.13 per barrel, extending its recent slide.
US crude oil prices are also weakening, with a barrel of West Texas Intermediate down 2.8% at $64.85 per barrel.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, says: “Crude oil kicked off the week under pressure, below the $70pb level as the bank stress weigh on global growth prospects and sent the price of a barrel below this psychological level.”
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