Brent Crude (...-0.57%
F WBS-0.70%
Oil plunges 3% amid worries on European banks, stronger dollar
Oil prices plunged on Friday following the worsening economic forecasts and the strengthening of the dollar against commodities and other international currencies. Besides, US Secretary of Energy Jennifer Granholm declared on Thursday that refilling the country's Strategic Petroleum Reserve could take several years.
The major benchmark indices retreated in the face of turmoil in the banking sector in Europe, with Deutsche Bank leading a massive sell-off in bank stocks and concerns, once again, about a possible recession. On the other side, the dollar index climbed 0.54% at 8:39 am ET, while against the euro rose by 0.84% to sell for €0.93073.
West Texas Intermediate (WTI) for settlements in May plummeted 3.56% to $67.57 per barrel at 8:20 am ET. Brent for deliveries in the same month plunged 3.23% to $73.52 per barrel a minute later.