• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 9 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 24 mins Could Someone Give Me Insights on the Future of Renewable Energy?
  • 12 hours How Far Have We Really Gotten With Alternative Energy
  • 1 day "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Bankruptcy in the Industry
  • 2 days The United States produced more crude oil than any nation, at any time.
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Prices Head Lower As Credit Suisse Shares Plunge By 60%

  • Oil prices continued to fall on Monday morning, with Brent falling toward $70 and WTI nearing $64 before both recovering slightly.
  • Credit Suisse saw its stocks plummet by 60% on Monday in Europe following the announced takeover by UBS, with UBS shares falling 5%.
  • Markets remain on edge ahead of the Fed’s next meeting, with supply/demand fundamentals taking a back seat to sentiment.
Oil prices

The selloff in oil continues on Monday, with Brent falling to the $72 a barrel mark and U.S. crude down to the $65 per barrel handle, as traders are cutting long positions amid the banking sector turmoil of the past week.

The market rout saw Credit Suisse’s stock plummet by 60% on Monday in Europe after the announced takeover by UBS.

As of 8:26 a.m. ET on Monday, the U.S. oil benchmark WTI Crude was down by 1.15% at $65.95, and Brent Crude, the international benchmark, was falling by 1.08% at $72.09.

During the weekend, UBS said it plans to buy troubled Credit Suisse for $3 billion in an attempt to stop the contagion of spreading to the global banking system.

“The combination is expected to create a business with more than USD 5 trillion in total invested assets and sustainable value opportunities,” UBS said on Sunday.

On Monday, shares in UBS were down by 5% in Europe, while Credit Suisse’s stock collapsed by 60%.

Amid the market turmoil, investors and speculators are fleeing riskier assets such as crude oil futures.

European stocks in general rebounded on Monday, although bank stocks hit the lowest level in three months. The Dow Jones Industrial Average futures wavered on Monday ahead of the U.S. markets opening as traders try to assess the risks of more contagion to the banking system.

The markets are also on edge about the Fed’s next meeting, which is on Tuesday and Wednesday, and analysts expect the high volatility in all markets – including the oil market – to continue, at least this week.

Brent Crude trades lower, below $75 per barrel, with short sellers in control, Ole Hansen, Head of Commodity Strategy at Saxo Bank, said on Monday.

“This is no longer a supply/demand focused market and additional risk off could see it target $65,” Hansen added.  

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • George Doolittle on March 20 2023 said:
    US equity markets continue to put in a *VERY* powerful bottom here which given the context of Bank Failures USA can only mean one thing as everyone *BUT THE ENTIRE US TREASURY DEPARTMENT* knows.

    These are just small little Banks failing?

    And how goes the Wall Street Big Bank Bailout solution in the meantime?

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News