The Worst Week Of The Year So Far For Oil Prices

Crude oil prices are about to end their worst week since the start of the year as news from the banking industry ignited fears of demand depression. As of Friday morning, West Texas Intermediate was down by about 10% for the week. Brent crude was also down considerably, dropping from $83 per barrel on Monday to less than $76 per barrel at the time of writing. The rout began early in the week, after last Friday’s collapse of Silicon Valley Bank. The subsequent demise of Signature Bank added fuel to fears of an impending meltdown in finance,…