2023.03.1719:15:00UTC+00Oil Futures Settle Sharply Lower

Crude oil prices tumbled on Friday as rising concerns about the crisis in the banking sector continued to fuel worries about economic growth and the outlook for energy demand.

West Texas Intermediate Crude oil futures for April ended lower by $1.61 or about 2.4% at $66.74 a barrel, recovering a bit after falling to $65.17, a 15-month low. WTI crude futures shed about 13% in the week.

Brent crude futures were down $1.98 or 2.65% at $72.72 a barrel a little while ago.

Edward Moya, Chief Financial Analyst at OANDA says "energy traders are not sure what could be the catalyst to send oil prices higher given all the doom and gloom happening with short-term crude demand outlooks."

"For now oil will reman heavy as traders try to figure out what type of recession policymakers will trigger in the U.S.," adds Moya.