NEW YORK, March 14 — Oil prices fell sharply on Monday as traders remained concerned over contagion from the collapse of US lender Silicon Valley Bank.
The West Texas Intermediate (WTI) for April delivery dropped US$1.88, or 2.45 per cent, to settle at US$74.8 a barrel on the New York Mercantile Exchange. Brent crude for May delivery lost US$2.01, or 2.43 per cent, to close at US80.77 a barrel on the London ICE Futures Exchange, reported Xinhua.
The pullback came as traders were worried that the recent bank failures in the United States will trigger an economic slowdown, hurting demand for crude oil.
For the week ending Friday, the WTI fell 3.8 per cent, while Brent decreased nearly 3.6 per cent, based on the front-month contracts.
— Bernama
