US oil closes below $70 a barrel for the first time since 2021

Oil futures extended Wednesday’s plunge, with the US benchmark closing below $70 a barrel for the first time since December 2021 in the aftermath of a banking crisis that stoked fears of a recession. economic recession.

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Market Drivers

Troubles in the banking sector have raised concerns that aggressive monetary tightening by the Federal Reserve and other central banks has set the stage for a severe recession.



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