Oil futures settle lower as banking concerns sour demand outlooks

摘要

The oil futures complex tumbled May 2 as concerns that the banking crisis would spread soured demand outlooks.NYMEX front-month crude fell $4 to settle at $71.66/b,while ICE front-month Brent fell $3.99 to settle at $75.32/b.”What we are seeing today is banking crisis jitters coming back,”OANDA analyst Edward Moya said.After the purchase of First Republic by JPMorgan Chase,the market is trying to find out”who is next,”said Moya,adding that US bank shares were falling May 2 as part of a broader equities slump.”The fears of a contagion are increasing,which is bad for growth,”he said.Crude futures have been trending lower since mid-April,with NYMEX front-month crude down $11.44/b since April 12.Crude has now fallen below levels seen in late March,when the complex was rising on growing confidence that the banking sector crisis was contained.