Oil prices fell again today as the market was rattled by bank failures in the US that roiled equity markets. U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after fears of contagion from the failure of Silicon Valley Bank led to a sell-off in U.S. assets at the end of last week and state regulators closed New York-based Signature Bank (SBNY.O) on Sunday. However, the ongoing situation could lead to a Fed pivot where they halt rate hikes or even cut rates slightly. “It was kind of surprising today to see the big drop in oil considering the fact that the Fed more than likely will have a harder time raising interest rates aggressively and that should cause weakness in the dollar,” Price Futures Group analyst Phil Flynn said. WTI traded down $1.88 or -2.5% to close at $74.80. Brent traded down $2.01 or -2.4% to close at $80.77.<\/p>\n\n\n\n
Oil prices fell again today as the market was rattled by bank failures in the US that roiled equity markets<\/p>\n","protected":false},"author":2,"featured_media":8776,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-8977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n