Oil tumbles to lowest level since December 2021 as banking crisis routs markets
Publishing timestamp: 2023-03-15 17:44:49
Summary
Oil prices fell sharply due to concerns over a potential banking crisis and its impact on global economic growth. The drop came as global risk markets sold off following news that Credit Suisse's biggest investor, Saudi National Bank, would not provide more assistance for the embattled bank. The fear of a banking crisis has led to a more than 20% drop in Credit Suisse's U.S.-listed shares and raised concerns over the state of the global banking system. The Federal Reserve is slated to hold a policy meeting next week, and traders had priced in at least a 25 basis-point rate hike, but CME Group's FedWatch tool now shows nearly a 2-to-1 chance of rates staying at current levels.
Sentiment: NEGATIVE
Keywords: business news, stock markets, investment strategy, energy, markets, wall street, breaking news: markets, wti crude (mar'23), ice brent crude (apr'23),