The North American benchmark West Texas Intermediate plunged more than four per cent on Wednesday to hover around US$68 per barrel.Oil prices have been falling all week as concerns about the health of the global banking sector mount.
Oil and gas stocks were by far the hardest hit sector on the Toronto Stock Exchange Wednesday, with the S&P/TSX capped energy index losing 5.44 per cent in the day's trading. Energy analyst Rory Johnston says oil and gas investors are panicking right now, and it will be more clear where crude prices are headed once the dust has had a chance to settle.
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Oil prices plunge, Canadian energy stocks take beating as global banking fears spread - BNN BloombergCrude oil prices took a beating Wednesday as market chaos related to a spreading banking crisis continued. How does it make any sense that concerns about banking stability had a bigger impact on oil and gas stocks today compared to banking stocks. Makes no sense! Can someone please explain JonErlichman
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Oil prices plunge, Canadian energy stocks take beating as global banking fears spreadCrude oil prices plunged below US$70 and Canadian energy stocks took a beating Wednesday as market chaos continued amid concerns about a spreading bank crisis. Good Is SVB the first domino to fall? Hello 2008. Man, it would suck to see Big Oil lose a lot of money… Oh, wait…
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