Banking crisis triggers oil price fall; temporary phenomenon, say analysts

Crude Oil prices declined by 10 per cent in the last 7 days - from $80.6 per barrel (Brent oil) on March 13

The 10 per cent fall in crude oil prices in the last 7 days – from $80.6 per barrel (Brent oil) on March 13 to $72.4 now – is likely to be temporary, believe analysts, who expect them to bounce back once the banking sector crisis in the US and Europe is fully contained.

Crude's sell-off through last week, according to Vandana Hari, Founder & chief executive officer at Vanda Insights, a Singapore-based provider of oil markets macro-analysis, was driven by a panic exodus from risk assets triggered by the banking crisis.

“It was baking in the worst-case scenario, of