Oil Prices Plummet Amid Banking Sector and Recession Concerns

Oil prices fell by almost 4% due to the US dollar's rally and the European banking sector's intense sell-off. The banking sector's turmoil led to renewed selling across commodities, including crude oil. The US signaled it is unlikely to fill the Strategic Petroleum Reserve this year, which weighs on demand for crude. The move would be dual purpose in that not only would it replenish the nation’s depleted reserves, but it would boost demand when prices were low instead of sending them into orbit at a time or regular prices.