According to Bloomberg article published on March 20, 2023, oil prices sank, with West Texas Intermediate plunging below $65 a barrel, as escalating investor concerns about a global banking crisis eroded appetite for risk assets including commodities.
US benchmark crude futures retreated as much as 2.8% to $64.89 a barrel, the lowest level since December 2021 on Monday. The decline came despite Swiss authorities orchestrating a rescue of Credit Suisse Group AG by UBS Group AG over the weekend. In addition, the Federal Reserve and five other central banks announced coordinated action to boost liquidity in US dollar swaps.
WTI for April delivery traded at $64.90 a barrel on the New York Mercantile Exchange at 2:51 p.m. in Singapore.
