Oil Giants Shed 5-8% Amid Plunging Oil Prices

After losing between 6-7% on Wednesday, oil prices are taking a toll on energy equities, with European giants shedding 6-8% and American oil companies down 5-7%. As the markets attempt to digest two bank failures in the U.S., a plunge in shares of Credit Suisse and plummeting bank stocks on two continents, fears mount that a banking collapse could lead to a sustained economic downturn and cap demand for oil. "It is hard to look past Credit Suisse and the obvious crisis of confidence," Craig Erlam, senior market analyst at Oanda, told Reuters. "We…