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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

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Oil prices have collapsed to lows since 2021

March, 20 2023
watermark Economic news

On Monday, the oil market continues to show a drop in prices that started last week.


The current Brent quote is $70.13 per barrel, on Friday the asset closed trading at $75.70 per barrel. North American WTI oil shows similar dynamics: falling to $64.40 after rising last Friday to $69.50 per barrel. 


Analysts note that over the five working days of last week, Brent collapsed by 11.9%, WTI – by 13%. This was the most significant weekly decline since August last year for European oil and since June for American oil. At the same time, the new trading week opened with a drop in prices to lows since December 2021.


Negative market sentiment is mainly due to concerns that the crisis situation in the US banking sector could trigger a recession in the US economy. Which, in turn, will lead to a decrease in fuel demand ahead of a potential increase in the US interest rate to curb inflation.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.