Global Markets Shaken as Oil Prices Plummet to Record Lows.
Oil prices have fallen significantly in recent days, with WTI crude oil dropping below $67 a barrel, its lowest price since November 2021, due to fears over the banking system and a steady build in inventories. Data from the American Petroleum Institute showed inventories rose for the 10th-straight week, while the Energy Information Administration's weekly petroleum report showed a build in crude oil inventories last week. The Biden administration's decision to approve a drilling project in Alaska has also raised concerns about more supply coming onto a market already not facing a shortage of oil.