TELETRADER News
3/20, 8:24 AM
(Source: TeleTrader)
Oil accelerates losses, drops 3%
Prices of oil futures dropped further on Monday as concerns about the health of the global financial system lingered. Despite the merger agreement between Switzerland's largest lenders that was supported by the country's authorities, traders were still worried about a wider crisis that could spread to the energy sector.
West Texas Intermediate (WTI) for settlements in April fell 2.97% to $64.76 per barrel at 3:20 am ET. Brent for deliveries in May declined 2.71% to $71.02 per barrel at 3:22 am ET.