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Oil Sinks in Volatile Trading as Bank Failure Sparks Selling

  • Brent crude fell below $80 for first time since early February
  • Volatility spikes to highest since start of Russia’s war
Updated on

Oil prices slid and volatility surged as traders fled risk and tried to come to grips with how the biggest US bank collapse since 2008 would reverberate through the economy. 

Brent, the global benchmark, fell below $80 for the first time since early February as investors fled risk assets and poured into safer bets but recovered some of those losses as US authorities unveiled emergency measures aimed at strengthening confidence in the banking system and preventing contagion.