Oil sinks below $75 a barrel, lowest price in more than a year

The news follows the Saudi National Bank declining to inject more money into the struggling Credit Suisse, as well as Silicon Valley Bank’s failure.
A worker in an oil field developed by Almetyevneft, an oil and gas production board (NGDU) of Tatneft.
A worker in an oil field developed by Almetyevneft, an oil and gas production board (NGDU) of Tatneft. - Yegor Aleyev | TASS | Getty Images
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

Global oil prices fell to their lowest point in more than a year on Wednesday. The slump could be related to financial developments in the United States and Europe that also involve the Middle East. 

The price of Brent crude oil, considered the global benchmark for oil prices, fell to below $72 at around 1 p.m. ET. By 4 p.m. ET, the price had rebounded to around $74.70. The last time Brent crude oil traded below $75 was in December of 2021, according to market data. 

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