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Oil tumbles 7%, heads for worst day in six months as banking crisis routs markets
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cnbc.comIn this article Oil prices fell more than 7% Wednesday, as traders feared a brewing banking crisis could dent global economic growth.
West Texas Intermediate futures fell more than 7% to $66.24 per barrel. That would be WTI's biggest one-day drop since July 12, 2022 — when it plunged 7.9%.
Brent crude, the international benchmark, slid 6.6% to $72.30 per barrel. The drop came as global risk markets sold off following news that Credit Suisse's biggest investor, the Saudi National Bank, would not provide more assistance for the embattled bank.
The news led to a more than 20% drop in the bank's U.S.-listed shares. It also raised concern over the state of the global banking system less than a week after two U.S.
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