New York March 17 2023: Oil prices took a dive on Friday, reversing early gains of more than $1 a barrel and falling by more than $3, as banking sector fears set crude on course for its biggest weekly decline in months.
Brent crude futures fell by $2.27, or 3.04%, to $72.43 a barrel by 11:52 a.m. EST (1552 GMT). U.S. West Texas Intermediate crude was down $2.13, or 3.1%, at $66.22.
At their session low, both benchmarks were down more than $3. Brent was on track for its biggest weekly fall since December at more than 10%, with WTI heading toward a loss of more than 11%, its biggest since last April.