3/16, 3:28 PM (Source: TeleTrader)
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Crude prices drop over 2% on recession worries

Crude prices for future contracts dropped over 2% on Thursday with recession fears offsetting previous demand optimism.

The turbulence in the American banking sector appears to have stoked worries that financial institutions worldwide could face further losses following the collapse of Silicon Valley Bank. Earlier, European Central Bank opted to raise interest rates by another 50 basis points, fueling up worries that the region's economic activity may slow down further.

West Texas Intermediate (WTI) for April delivery slumped 2.62% to $65.94 per barrel at 10:18 am ET. Brent for May contracts fell 2.42% to sell at $72.04 per barrel.

Baha Breaking News (BBN) / AB