Oil prices sank, with West Texas Intermediate plunging below $65 a barrel, as escalating investor concerns about a global banking crisis eroded appetite for risk assets including commodities.
U.S. benchmark crude futures retreated as much as 2.8% to $64.89 a barrel, the lowest level since December 2021 on Monday.
The price of futures contracts of Brent crude oil for May 2023 delivery fell below $71 per barrel on London's ICE on Monday for the first time since December 21, 2021, according to trading data.
As of 9:52 a.m. Moscow time, the Brent price was down by 2.8% at $70.93 per barrel. By 10:05 a.m., the price of Brent oil extended losses to 3.3% trading at $70.56 per barrel.
