NEW YORK: Oil prices fell on Friday, booking significant losses for the week, as banking turmoil rattled markets.
The West Texas Intermediate (WTI) for April delivery dropped US$1.61, or 2.36 per cent, to settle at US$66.74 a barrel on the New York Mercantile Exchange. Brent crude for May delivery lost US$1.73, or 2.32 per cent, to close at US$72.97 a barrel on the London ICE Futures Exchange.
Oil prices were under pressure as traders grew concerned that the turbulence in the US and the European banking sectors could darken the outlook for the economy and hurt energy demand.
For the week, the WTI tumbled 13 per cent, while Brent dropped 11.9 pe rcent, based on the front-month contracts. – Bernama