Oil prices slipped on Tuesday, extending the previous day’s slide, as the collapse of Silicon Valley Bank startled equities markets and raised worries about a fresh financial crisis.
Brent crude futures fell 9 cents to $80.68 a barrel by 0101 GMT. U.S. West Texas Intermediate crude futures (WTI) dropped 16 cents to $74.64 a barrel. On Monday Brent fell to its lowest since early January, while WTI dropped to its lowest since December.
The sudden shutdown of SVB Financial triggered concerns about risks to other banks resulting from the U.S. Federal Reserve’s sharp interest rate hikes over the last year. It also spurred speculation about whether the central bank could slow the pace of its monetary tightening.
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