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Oil prices continued to fall on Tuesday on concerns about the US banking system following the collapse of Silicon Valley Bank (SVB) and Signature Bank.
International benchmark Brent crude was trading at $79.96 a barrel at 9:57 a.m. local time (0657GMT), down 1% from a close of $80.77 a barrel in the previous session.
Meanwhile, US benchmark West Texas Intermediate (WTI) traded at $73.99 a barrel, down 1.08% after the previous session ended at $74.80 a barrel.
Both benchmarks fell sharply in highly volatile trade, with Brent falling to $78.34 a barrel and WTI to $72.33 a barrel in the previous session after the two banks’ sudden falls in less than a week.
Hopes that the US central bank (Fed) could slow monetary policy tightening were overshadowed by fears of an economic recession and lower oil demand.
Concerns raised over the collapse of the banks were not eased even though President Joe Biden assured Americans on Monday that the US banking system and savers are “safe”.
In an email, Daniel Hynes, a commodities consultant at Australia and New Zealand Banking Group, highlighted the supply issues.
“Over 4 million barrels of Russian diesel are said to be temporarily stored on oil tankers as the country deals with the fallout from EU sanctions,” he said.
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