U.S. Crude Slips Below $70 a Barrel
A dayslong selloff in oil dragged crude prices to 15-month lows Wednesday, intensified by new fears that banking-sector turmoil signals broader challenges ahead for the world’s largest economy.
Oil prices have tumbled in the sessions since the collapse of Silicon Valley Bank and Signature Bank sent tremors throughout financial markets, pushing investors in recent days to unload risky assets and powering a historic rally in safer government bonds. Energy stocks also lost 5.9% Wednesday, making the sector the S&P 500’s worst performer, with shares of international oil majors, refiners, Texas wildcatters, oil-field services firms, rig owners, Appalachian gas producers, coal miners, crude shippers and pipeline operators all sliding.
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