Crude oil futures ended sharply lower on Wednesday, magnifying their losses from previous session as traders feared a brewing banking crisis could dent global economic growth. Crude oil prices plunged to their lowest level since December 2021, amid rising concerns about global economic growth and worries about the outlook for energy demand. Further, data showing an increase in U.S. crude inventories hurt oil prices. Data from Energy Information Administration (EIA) showed U.S. crude inventories rose by 1.55 million barrels during the week ended March 10. Besides, the IEA said in its report that oil has been accumulating in storage tanks as supply has been strong and demand has remained slack.
Benchmark crude oil futures for April delivery fell $3.72 or 5.22 percent to $67.61 a barrel on the New York Mercantile Exchange. Brent crude for May delivery dropped $3.09 or 3.99 percent to $74.36 a barrel on London's Intercontinental Exchange.
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