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 actionMarket drivers Trouble... 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 is getting destroyed, with big macro looking straight into the U.S. recession vortex and energy traders drawing straight-line parallels to prior bank sector-driven recessions, especially the 2008 financial crisis, which has similar overtones to the current financial tumult and when oil tanked,” said Stephen Innes, managing director of SPI Asset Management, in a note.
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