Oil prices logged losses, amid jitters in the banking sector.
Brent oil prices have dipped below $72 per barrel amid ongoing quivers in financial markets.
Oil prices have come under pressure from a crisis in the Western banking sector, which has seen the downfall of tech startup-focused Silicon Valley Bank and the takeover of embattled Credit Suisse by Swiss rivalin the span of two weeks. Two sources within the influential OPEC+ alliance signaled to CNBC at the end of last week that banking uncertainty was feeding into fears of another financial collapse to the tune of the 2008 crisis.
Over the past year, OPEC+ has championed stability in the oil price landscape to encourage long-term investment in spare capacity and avoid supply shortages. An OPEC+ ministerial technical committee is next set to adjourn on April 3. Citing "banking stress, recession fears, and an exodus of investor flows," analysts at Goldman Sachs on March 18 cut their oil price outlook, now expecting Brent prices to hit $94 per barrel in the upcoming 12 months and $97 per barrel over the second half of 2024 — compared with previous projections at $100 per barrel for both periods.
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