3/15, 12:15 PM (Source: TeleTrader)
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Oil reverses course and drops, WTI lowest since Dec. 2021

The prices of oil futures swerved on Wednesday and dropped after previously recording gains, as demand concerns were back in the spotlight.

The fears were seemingly spurred by another round of selloffs in the financial sector, which continued to rattle the markets, raising alarm over a potential economic collapse.

After briefly hitting its lowest value since December 2021 to trade at $69.82 per barrel, West Texas Intermediate (WTI) for settlements in April slid 1.57%, to sell at $70.25 per barrel at 7:06 am ET. Brent for deliveries in May tumbled 1.51%, to go for $76.26 per barrel a minute later.

Baha Breaking News (BBN) / AY