{"id":37884,"date":"2023-03-21T10:53:39","date_gmt":"2023-03-21T10:53:39","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/oil-prices-hit-lowest-levels-since-2021"},"modified":"2023-03-21T10:58:22","modified_gmt":"2023-03-21T10:58:22","slug":"oil-prices-hit-lowest-levels-since-2021","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/oil-prices-hit-lowest-levels-since-2021","title":{"rendered":"Oil prices hit lowest levels since 2021"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>Oil prices dropped to their lowest levels in 15 months on Monday, March 20, on concerns that risks in the global banking sector and a potential increase in U.S. interest rates could spark a recession that would sap fuel demand.<\/p>\n

In volatile trading, Brent crude futures for May was down 83 cents, or 1.1per cent to $72.14 a barrel by 1425 GMT. The U.S. West Texas Intermediate crude contract for April was down 91 cents, or 1.4per cent, at $65.83 before its expiry on Tuesday, March 21.<\/p>\n

The more actively traded May futures were down 1.3per cent at $66.05 a barrel.<\/p>\n

Brent and WTI earlier fell by about $3, hitting lows last registered in December 2021, with WTI sinking below $65 a barrel before moving briefly back into positive territory. Both benchmarks shed more than 10per cent of their value last week as the banking crisis deepened.<\/p>\n

The slide in oil occurred despite an historic deal in which UBS, Switzerland’s largest bank, agreed to buy Credit Suisse in an attempt to rescue the country’s second-biggest bank.<\/p>\n

However, banking stocks and bonds continued to plunge on Monday in a sign that investor confidence remains fragile.<\/p>\n

After the deal was announced, the U.S. Federal Reserve, European Central Bank and other major central banks pledged to enhance market liquidity and support other banks.<\/p>\n

“The market focus is on current banking sector volatility and the potential for further rate hikes by the Fed,” said Baden Moore, National Australia Bank’s head of commodity research.<\/p>\n

The Fed is expected to raise interest rates by 25 basis points on March 22 despite the recent banking sector turmoil, according to most of the economists polled by Reuters.<\/p>\n

However, some executives are calling on the central bank to pause its monetary policy tightening for now but be ready to resume raising rates later.<\/p>\n

“Volatility is likely to linger this week, with broader financial market concerns likely to remain at the forefront,” ING Bank analysts said in a note, adding that the looming Fed decision adds to uncertainty in markets.<\/p>\n

Further out, a ministerial committee of OPEC and producer allies including Russia, together known as OPEC+, is set for April 3. The group agreed in October to cut oil production targets by 2 million barrels per day until the end of 2023.<\/p>\n

For More News And Analysis About Rwanda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. Oil prices dropped to their lowest levels in 15 months on Monday, March 20, on concerns that risks in the global banking sector and a potential increase in U.S. interest rates could spark a recession that would sap fuel demand. In volatile trading, Brent crude futures for May was down 83 cents, […]<\/p>\n","protected":false},"author":84,"featured_media":37882,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,772],"tags":[760,763,758],"class_list":["post-37884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-to-homepage","tag-africa-press","tag-africa-press-rwanda","tag-rwanda"],"yoast_head":"\nOil prices hit lowest levels since 2021 - Rwanda<\/title>\n<meta name=\"description\" content=\"Oil prices dropped to their lowest levels in 15 months on Monday, March 20, on concerns that risks in the global banking ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/rwanda\/economy\/oil-prices-hit-lowest-levels-since-2021\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices hit lowest levels since 2021\" \/>\n<meta property=\"og:description\" content=\"Oil prices dropped to their lowest levels in 15 months on Monday, March 20, on concerns that risks in the global banking ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/economy\/oil-prices-hit-lowest-levels-since-2021\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-21T10:53:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-21T10:58:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2023\/03\/postQueueImg_1679383427.90.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"666\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/oil-prices-hit-lowest-levels-since-2021#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/oil-prices-hit-lowest-levels-since-2021\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil prices hit lowest levels since 2021\",\"datePublished\":\"2023-03-21T10:53:39+00:00\",\"dateModified\":\"2023-03-21T10:58:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/oil-prices-hit-lowest-levels-since-2021\"},\"wordCount\":389,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/oil-prices-hit-lowest-levels-since-2021#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2023\/03\/postQueueImg_1679383427.90.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Rwanda\",\"Rwanda\"],\"articleSection\":[\"all news\",\"Economy\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/economy\/oil-prices-hit-lowest-levels-since-2021#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/oil-prices-hit-lowest-levels-since-2021\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/oil-prices-hit-lowest-levels-since-2021\",\"name\":\"Oil prices hit lowest levels since 2021 - 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