Oil ended trading lower in Friday’s session, giving up its early gains, which exceeded the dollar per barrel, as concerns about the banking sector prompted the two benchmarks to record their largest weekly losses in months.
Brent crude futures fell $1.73, or 2.3%, to $72.97 a barrel at settlement, while US West Texas Intermediate crude lost $1.61, or 2.4%, to $66.74.
Both benchmarks fell more than $3, hitting their lowest levels during the session. Brent lost about 12% during the week, recording the largest weekly loss since December, according to Reuters.
West Texas Intermediate crude futures have fallen 13% since the close of last Friday (March 10), recording their largest weekly loss since last April.
“The fundamentals are not as bad as the market expects here, but there are concerns that oil will not be as safe as it is for liquidity or gold,” said John Kilduff, partner at Again Capital in New York.