Oil prices fall, Saudi National Bank loses $1 billion over Credit Suisse
The drop in oil prices followed more troubling global financial news as UBS bought out Credit Suisse.
Oil prices fell to another multiyear low on Monday following more troubling financial news.
The price of Brent crude oil, considered the benchmark for global oil prices, fell to $70.12 a barrel — the lowest price since early December 2021, according to market data.
Why it matters: The fall in oil prices follows upheaval in the global financial system. Earlier this month, the American banks Silicon Valley Bank and Signature Bank failed and were closed by authorities. The Silicon Valley Bank’s failure was particularly troublesome for the relatively high number of Israeli tech startups that had money with the bank. The US government has said it will guarantee deposits at both banks.
Last week, the global investment bank Credit Suisse’s shares plummeted. UBS, another Swiss Bank, agreed on Sunday to buy Credit Suisse for $3.2 billion.
