Oil prices plummeted by more than five dollars per barrel at the end of trading on Wednesday, reaching their lowest levels in over a year. Concerns regarding Credit Suisse sparked panic in global markets and dashed hopes for a recovery in Chinese oil demand. Early signs of market stability faded after the largest investor in Credit Suisse stated that he could not provide further financial assistance to the Swiss bank, leading to a drop in its stock price and other European stocks. Brent crude fell by $3.76, or 4.9 percent, settling at $73.69 per barrel. U.S. West Texas Intermediate crude dropped by $3.72, or 5.2 percent, to settle at $67.61. Both benchmark crude types decreased by more than four percent on Tuesday, pressured by fears that the collapse of Silicon Valley Bank last week and failures of other U.S. banks could lead to a financial crisis that would weigh on fuel demand.
After the Banking Crisis: Oil Drops by $5
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