Oil Posts Worst Weekly Loss Since April 2020 Amid Bank Chaos
- About 43,000 options contracts came into the money Thursday
- WTI fell almost 13% this week amid banking sector woes
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Oil posted the worst weekly loss since the early months of the coronavirus pandemic as banking turmoil poisoned investor sentiment.
West Texas Intermediate lost nearly 13% this week, the largest drop in almost three years. 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.