Brent Falls More Than 5% On Fears Of Financial Crisis

Price of 1 barrel of Brent arriving in May It fell more than 5% this Monday in the futures market in London amid fears of a possible financial crisis after the collapse in the US. Silicon Valley Bank (SVB).

European benchmark North Sea oil fell 5.28% below Friday’s close to $78.41, or $4.37, to close at $82.78.

European crude then eased its decline, trading at $79.25, down 4.26%.

Last week, a US bank that specializes in lending to tech startups collapsed. A “ripple effect” on stock prices in the banking sector around the world. And fear of the consequences spreads to other markets.

The London Stock Exchange fell more than 2.25% this afternoon after being dragged by banks, but the UK didn’t need a bailout despite giant HSBC’s acquisition of Silicon Valley Bank’s UK subsidiary. .