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Global oil prices are currently holding tight for the Asian trading session. Reportedly hovering above a 15-month low as the market awaits a price drop from shoes in a potential global banking crisis.
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Rising tensions over geopolitical tensions have also made investors cautious about crude oil, after Vladimir Putin said he would place a tactical nuclear track in Belarus, which has been a factor in rising tensions with NATO over Ukraine. The bloc has criticized Russia's move. While oil prices have recovered from last week's decline, they are still near 15-month lows as markets worry that a slowing economy could erode demand for crude oil this year. According to a report on current world oil prices by investing.com, Brent oil futures fell around 0.2%, now at $74.44 a barrel. Meanwhile, WTI oil also fell 0.% to $9.1 a barrel since 02:05 GMT. Both contracts had risen around 2% and 4% last week. So far this year, oil prices have reportedly fallen by 13%, with the majority of losses recorded in March as US and European banks plunged, which was a factor in the economic slowdown for this year which caused market concerns. ING analysts noted that speculators have cut their oil longs heavily over the past two weeks, with the overall positioning neutral through March. The focus now remains on Deutsche Bank, Germany’s largest lender, as the next potential casualty of the banking crisis after credit default swaps, which are the costs of insuring banks against a potential credit crunch, surged to a five-year high, prompting traders to dump Deutsche shares en masse. However, US stock futures were slightly positive on the day, although analysts noted that this was due to a lack of negative news rather than positive news. A mild recovery in the greenback also kept crude oil markets under pressure, after several Fed officials suggested the bank could raise interest rates two more times. However, the path of US monetary policy remains uncertain, especially as regulators move to prevent further collapses in the banking sector. This week’s focus is also on readings on business activity in China, which has recovered substantially this year after Covid-19 measures were lifted. However, midstream trade and industrial data saw the market reassess how much the country will increase its oil demand this year.
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