Oil prices fell about 1 percent to a five-week low on Tuesday in relation to the collapse of Silicon Valley Bank, reported Reuters. The fear is another financial crisis that could reduce future oil demand.
Brent futures were down 51 cents, or 0.6 percent, to $80.26 a barrel by 11:36 a.m. EDT (1536 GMT), while U.S. West Texas Intermediate (WTI) crude fell 56 cents, or 0.8 percent, to $74.24.
Brent is on track for its lowest close since Feb. 3 and WTI on track for its lowest close since Feb. 22.
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