{"id":45949,"date":"2023-03-19T12:15:43","date_gmt":"2023-03-19T12:15:43","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/oil-posts-worst-weekly-loss-since-april-2020-amid-bank-chaos"},"modified":"2023-03-19T12:22:32","modified_gmt":"2023-03-19T12:22:32","slug":"oil-posts-worst-weekly-loss-since-april-2020-amid-bank-chaos","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/oil-posts-worst-weekly-loss-since-april-2020-amid-bank-chaos","title":{"rendered":"Oil posts worst weekly loss since April 2020 amid bank chaos"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>The failure of Silicon Valley Bank and troubles at Credit Suisse Group AG drove investors from risk assets, with oil-options covering accelerating the selloff.<\/p>\n

\u201cCrude action this week reminded many of how quickly the commodity can be decimated by macroeconomic events,\u201d said Rebecca Babin, senior energy trader at CIBC Private Wealth. \u201cThe commodity broke a significant level of support as the market tries to quantify the economic ramifications of banking turmoil.\u201d<\/p>\n

Traders had been waiting for a catalyst to break prices out of the relatively narrow trading range that has dominated the market as expectations for rebounding Chinese demand compete with weaker economic outlook in the West.<\/p>\n

This week\u2019s banking crisis provided the spark, driving oil prices to a 15-month low. That plunge triggered another: Prices went so low that 43 000 options contracts totaling more than 40 million barrels of crude came \u201cinto the money,\u201d resulting in a tidy payday for some while at the same time further deepening the downturn.<\/p>\n

Prices:<\/p>\n

Oil\u2019s next leg may depend on decisions by the US Federal Reserve and the Organization of Petroleum Exporting Countries.<\/p>\n

The Fed will decide next week whether to raise rates again, a move that has implications for oil demand. Meanwhile, OPEC and its allies will convene April 3 to revisit the group\u2019s production policy. Several technical measures suggest that the recent plunge has pushed the commodity into oversold territory.<\/p>\n

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

Africa-Press – South-Africa. The failure of Silicon Valley Bank and troubles at Credit Suisse Group AG drove investors from risk assets, with oil-options covering accelerating the selloff. \u201cCrude action this week reminded many of how quickly the commodity can be decimated by macroeconomic events,\u201d said Rebecca Babin, senior energy trader at CIBC Private Wealth. \u201cThe […]<\/p>\n","protected":false},"author":84,"featured_media":45948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,349,347,1482,275],"class_list":["post-45949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-oil","tag-opec","tag-prices","tag-south-africa-2"],"yoast_head":"\nOil posts worst weekly loss since April 2020 amid bank chaos - South Africa<\/title>\n<meta name=\"description\" content=\"The failure of Silicon Valley Bank and troubles at Credit Suisse Group AG drove investors from risk assets, with oil-opt ...\" \/>\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\/south-africa\/all-news\/oil-posts-worst-weekly-loss-since-april-2020-amid-bank-chaos\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil posts worst weekly loss since April 2020 amid bank chaos\" \/>\n<meta property=\"og:description\" content=\"The failure of Silicon Valley Bank and troubles at Credit Suisse Group AG drove investors from risk assets, with oil-opt ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/oil-posts-worst-weekly-loss-since-april-2020-amid-bank-chaos\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-19T12:15:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-19T12:22:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/03\/postQueueImg_1679215548.40.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"682\" \/>\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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/oil-posts-worst-weekly-loss-since-april-2020-amid-bank-chaos#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/oil-posts-worst-weekly-loss-since-april-2020-amid-bank-chaos\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil posts worst weekly loss since April 2020 amid bank chaos\",\"datePublished\":\"2023-03-19T12:15:43+00:00\",\"dateModified\":\"2023-03-19T12:22:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/oil-posts-worst-weekly-loss-since-april-2020-amid-bank-chaos\"},\"wordCount\":252,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/oil-posts-worst-weekly-loss-since-april-2020-amid-bank-chaos#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/03\/postQueueImg_1679215548.40.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"oil\",\"opec\",\"prices\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/oil-posts-worst-weekly-loss-since-april-2020-amid-bank-chaos#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/oil-posts-worst-weekly-loss-since-april-2020-amid-bank-chaos\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/oil-posts-worst-weekly-loss-since-april-2020-amid-bank-chaos\",\"name\":\"Oil posts worst weekly loss since April 2020 amid bank chaos - 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