Oil prices fall to lowest level since late 2021, Brent holds above USD 74 a barrel

Oil prices on world markets fell today to their lowest levels in a year and a quarter, pressured by a sell-off in financial markets triggered by concerns over the situation at Credit Suisse, Switzerland’s second-largest bank. North Sea Brent crude was down around 3.5 percent at about USD 74.70 a barrel at 15:30 CET. Earlier, it fell as low as USD 74.01, its lowest level since December 2021.

The price of US light crude, West Texas Intermediate (WTI), was down 3.7 percent at around USD 68.70 a barrel at 15:30 CET. During the day, WTI fell as low as USD 67.93, also its lowest level since December 2021. On Tuesday, both Brent and WTI prices lost more than four percent.

Oil prices had risen in the morning following positive data on economic activity in China and the outlook for demand this year, published by the International Energy Agency (IEA). But market optimism faded when Credit Suisse’s largest shareholder said it could not provide further financial assistance to the bank. Credit Suisse shares then fell sharply, along with the broader European stock market, led by banks.