Banking Turmoil Drives Oil Prices Down.
TL;DR Summary
Oil prices continue to fall as traders cut long positions amid the banking sector turmoil, with Brent falling to $72 a barrel and U.S. crude down to $65 per barrel. Credit Suisse's stock plummeted by 60% after the announced takeover by UBS. Markets are on edge ahead of the Fed's next meeting, with supply/demand fundamentals taking a back seat to sentiment. Analysts expect high volatility in all markets, including the oil market, to continue at least this week.
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