I think everyone's panicking today. I think panic is the name of the game right nowThe North American benchmark West Texas Intermediate plunged more than four per cent on Wednesday to around US$68 per barrel. That’s the lowest crude price since December of 2021, and it sent oil and gas stocks tumbling, marking the third straight day of losses for the sector this week.
Johnston said for much of this year, the global oil price benchmark Brent crude had been trading in the US$78-88 range. With the reopening of the Chinese economy in the wake of COVID-19 restrictions signalling a potential uptick in demand, market sentiment on future oil demand had been generally bullish with spec positioning in crude oil contracts rising steadily over the last two months.
Oil prices are strongly linked to the global economic outlook, and right now all the headlines for crude price demand appear to be “rather bearish,” said Edward Moya, senior market analyst with New York-based foreign exchange broker OANDA Corp. “Now near the mid-$60s, WTI crude’s plunge is at the mercy of how much worse the macro picture gets.”Article content
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices plunge, Canadian energy stocks take beating as global banking fears spreadCALGARY — Crude oil prices plunged below US$70 and Canadian energy stocks took a beating Wednesday as market chaos continued amid concerns about a spreading…
Source: calgaryherald - 🏆 64. / 52 Read more »
Oil prices plunge, Canadian energy stocks take beating as global banking fears spreadCALGARY — Crude oil prices plunged below US$70 and Canadian energy stocks took a beating Wednesday as market chaos continued amid concerns about a spreading…
Source: OttawaCitizen - 🏆 21. / 68 Read more »
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…
Source: CP24 - 🏆 30. / 67 Read more »
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
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Oil prices plunge, Canadian energy stocks take beating as global banking fears spreadCrude oil prices took a beating Wednesday as market chaos related to a spreading banking crisis continued.
Source: CTVCalgary - 🏆 26. / 68 Read more »