Oil prices fell on Wednesday following heavy stock market losses on concerns about the banking sector. As a result, a barrel of American WTI oil fell below $ 70 for the first time since late last year.
Brent, the benchmark for oil from Europe, the Middle East and Africa, was also under pressure, falling 1.7 percent to $76.11 a barrel (from 159 litres).
Oil traders fear that the problems in the banking sector could lead to major economic problems, with lower oil demand. At the same time, the US dollar is becoming more expensive against other currencies, making oil less attractive to traders with other currencies.
Earlier in the day, the International Energy Agency (IEA) announced that there would be a surplus in the oil market in the first half of this year. This also puts downward pressure on prices.
Oil companies also had a hard time in the stock markets. For example, the Shell share fell 4.3 percent in Amsterdam. British BP fell 4.5 percent in London, and TotalEnergies lost 4.7 percent in Paris.
