Oil Prices Crash As Demand Fears Mount

Oil prices crashed in Wednesday’s session, marking the second day of declines ahead of a likely 25-basis point rate hike by the Federal Reserve as well as growing anxiety over the prospect of a recession amid questions about the health of U.S regional banks. WTI June contract slipped 5.1% to $68.29 per barrel while Brent for June settlement was 4.7% lower to $71.80, the lowest level in more than a year. The current crash closely mirrors the March decline when the banking crisis first unfolded, suggesting the markets are getting concerned…