{"id":1901176,"date":"2023-03-20T07:11:43","date_gmt":"2023-03-20T11:11:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-hits-lowest-since-2021-on-banking-fears\/"},"modified":"2023-03-20T07:18:10","modified_gmt":"2023-03-20T11:18:10","slug":"oil-hits-lowest-since-2021-on-banking-fears","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-hits-lowest-since-2021-on-banking-fears\/","title":{"rendered":"Oil hits lowest since 2021 on banking fears"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Foil-hits-lowest-since-2021-on-banking-fears%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1901176&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p> <br \/>\n<?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"entry-content\">\n<p>By Noah Browning<\/p>\n<p>LONDON (Reuters) -Oil prices fell on Monday to their lowest in 15 months on concern that risks in the global banking sector and a potential increase to U.S. interest rates could spark a recession that would sap fuel demand. <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<\/p>\n<p>In volatile trading, Brent crude futures for May fell $2.07, or 2.8%, to $70.90 a barrel at 0950 GMT. The U.S. West Texas Intermediate crude contract for April was down $1.88, or 2.8%, at $64.86 before its expiry on Tuesday.<\/p>\n<p>The more actively traded May futures were down 2.8% at $65.06 a barrel.<\/p>\n<p>Brent and WTI earlier hit lows last registered in December 2021, with WTI sinking below $65 a barrel. Both benchmarks shed more than 10% of their value last week as the banking crisis deepened.<\/p>\n<p>The slide in oil comes despite the historic deal for UBS, Switzerland\u2019s largest bank, to buy Credit Suisse in an attempt to rescue the country\u2019s second-biggest bank.<\/p>\n<p>However, banking stocks and bonds continued to plunge on Monday in a sign that investor confidence remains fragile.<\/p>\n<p>After the deal was announced, The U.S. Federal Reserve, European Central Bank and other major central banks pledged to enhance market liquidity and support other banks.<\/p>\n<p>\u201cThe market focus is on current banking sector volatility and the potential for further rate hikes by the Fed,\u201d said Baden Moore, National Australia Bank\u2019s head of commodity research.<\/p>\n<p>The U.S. Federal Reserve is expected to raise interest rates by 25 basis points on March 22 despite the recent banking sector turmoil, according to most of the economists polled by Reuters. <\/p>\n<p>However, some executives are calling on the central bank to pause its monetary policy tightening for now but be ready to resume raising rates later. <\/p>\n<p>\u201cVolatility is likely to linger this week, with broader financial market concerns likely to remain at the forefront,\u201d ING Bank analysts said in a note, adding that the looming Fed decision increases week\u2019s Fed meeting adds to uncertainty in markets.<\/p>\n<p>Further out, a ministerial committee of OPEC and producer allies including Russia, together known as OPEC+, is set for April 3. The group agreed in October to cut oil production targets by 2 million barrels per day until the end of 2023.     <\/p>\n<p> (Reporting by Noah BrowningAdditional reporting by Florence Tan and Emily Chow in SingaporeEditing by David Goodman)<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>This week has been filled with major headlines in the U.S. and around the world. One America\u2019s Rachel Acenas brings us the top stories in our week in review.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>New financial documents revealed Thursday show deeper ties between the Biden family and Chinese Communist Party. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The author of \u2018Rich dad poor dad, who infamously predicted the 2008 crisis, warns of \u2018serious trouble\u2019 for the U.S. bond market. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The Biden administration releases footage of the moments leading up to Russia\u2019s downing of a U.S. drone.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>MOSCOW (Reuters) -The Kremlin told officials involved in preparations for Russia\u2019s 2024 presidential election to stop using Apple iPhones because of concerns\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Eduardo Baptista BEIJING (Reuters) \u2013 Baidu\u2019s Ernie bot can within seconds generate pictures of flowers and write Tang dynasty-style poems but\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) \u2013 The Biden administration has demanded that TikTok\u2019s Chinese owners divest their stakes in the popular video app or face a\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>TAIPEI (Reuters) \u2013 Taiwan\u2019s Financial Supervisory Commission will be the main overseer of crypto currencies on the island, the head of the\u2026 <\/p>\n<\/p><\/div>\n<p><\/p>\n<hr>\n<p>&#8220;From <a href=\"https:\/\/www.oann.com\/business\/oil-hits-lowest-since\/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=oil-hits-lowest-since\">Oil hits lowest since 2021 on banking fears<\/a>&#8221;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Noah Browning LONDON (Reuters) -Oil prices fell on Monday to their lowest in 15 months on concern that risks in the global banking sector and a potential increase to U.S. interest rates could spark a recession that would sap fuel demand. In volatile trading, Brent crude futures for May fell $2.07, or 2.8%, to<\/p>\n","protected":false},"author":66,"featured_media":1901177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[5161,14689,4567,7948,11226,7393],"class_list":["post-1901176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-5161","tag-banking","tag-fears","tag-hits","tag-lowest","tag-oil"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1901176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1901176"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1901176\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1901177"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1901176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1901176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1901176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}