Oil futures extend losses, with the U.S. benchmark touching its lowest intraday level since December 2021.
Oil futures extended a slump Wednesday, with the U.S. benchmark dipping below the $70 level and touching its lowest intraday level since December 2021 as the fallout from a banking crisis stoked recession fears.
Price action Market drivers Trouble in the banking sector has amplified fears that aggressive monetary tightening by the Federal Reserve and other central banks has set the stage for a sharp economic downturn. Oil failed to bounce alongside a modest rebound for equities on Monday, and extended losses as U.S. stocks fell sharply on renewed bank fears Tuesday, with the Dow Jones Industrial Average DJIA, -1.82% down 505 points, or 1.6%, and the S&P 500 SPX, -1.55% off 1.4%.
Innes said the lack of a “slingshot recovery” in China economic data following the country’s lifting of strict COVID levels and mounting worries over Credit Suisse “has opened the trap door for the oil market today and could be the nail in the coffin for the oil market rebound in Q1.”
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