Showing posts from March 12, 2023

Banking crisis weighs heavily on the crude oil markets

  Volatility in the crude oil markets The significant fall of crude oil price on Wednesday that was attributed to the troubles in the banking sector, slightly eased on Thursday, as the Swiss Central Bank came forward to throw a financial lifeline to Credit Suisse bank for its survival. Credit Suisse, the second largest Swiss bank, is a key player in the international markets, having been one of the 30 globally important banks in the world.  Not only did it admit the loss of staggering 7.29 billion Swiss francs last year, but also the erosion of funds to the tune of 110 billion Swiss francs by its clients during the last quarter in 2022.  When one of its main financial backers, Saudi National Bank, made it clear that it could no longer support the Swiss banking giant on Wednesday, citing 'regulatory hurdles', markets in general and crude oil markets in particular, went into a tailspin.  The timely intervention by the Swiss Central Bank, however, calmed the anxieties to some exte

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