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year 2023 Economically it is not proving good for the world. After the pace of retrenchment since last year, the US Banking Crisis has brought the whole world to the brink of economic recession. Apart from these, the developments happening on the economic front are also giving sleepless nights to the investors and experts. Due to these reasons, a decline of about 5 per cent was recorded in crude oil prices on Tuesday.
prices have become so much
According to a Reuters report, crude oil prices fell by about 5 percent on Tuesday. The futures price of Brent Crude, the international standard of crude oil, came down by $ 3.99, or 5 percent, to $ 75.32 per barrel. Similarly, the price of American Standard West Texas Intermediate (WTI) crude fell by $ 4, or 5.3 percent, to $ 71.66 per barrel.
lowest in 5 weeks
According to Reuters report, this is one of the biggest fall in the price of crude oil this year. Since the beginning of January, the price of crude oil has not broken more than 5 percent in a day. After this huge fall, crude oil prices have come down to the lowest in 5 weeks.
These reasons increased concern
Due to the banking crisis, the worries of already worried investors have increased further. A recent statement by the Finance Minister of America has made everyone happy. US Finance Minister Janet Yellen had recently told that the hands of the US government may be empty in a month and in such a situation, default in repaying the loan installments may come to the fore. On the other hand, the US Central Bank Federal Reserve (US Fed Reserve) has indicated to increase interest rates even after adverse conditions. Federal Reserve Chairman Jerome Powell will make an announcement in this regard on Wednesday night according to Indian time.
stock market crashed
Due to these reasons, investors started withdrawing money from all around. Crude oil was not only damaged due to the panic of investors, but the stock markets also had to face a huge decline. Tuesday proved to be a very bad day for the US stock market. Both the S&P 500 (S&P 500) and Nasdaq (Nasdaq) registered a decline of more than 1-1 per cent. The market is apprehensive that the Fed Reserve may increase the interest rates by 0.25 percent this time as well. If this happens, then the pressure on the market can continue even further.
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