Oil tumbles as SVB failure sends investors fleeing from risk

BLOOMBERG

Oil tumbled, shaken by the biggest US bank collapse since 2008 as investors fled from risk assets and sought shelter in government bonds and gold.
The failure of Silicon Valley Bank roiled markets as traders try to assess how the collapse will reverberate across the economy. Global benchmark Brent crude fell below $80 for the first time in more than a month amid the turbulence before paring losses. The events were a reminder of how sensitive crude is to wider crosswinds.
“Uncertainty across risk assets has increased meaningfully and crude remains highly sensitive to changes in risk appetite,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth.