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Crude oil futures recorded losses of 12% in trading as a result of banking turmoil from the US Silicon Valley Bank’s bankruptcy, which has caused fears of a new global financial crisis and growing expectations regarding the US policy to raise interest rates. Al-Salem, chairman of the Kuwaiti Business Council, expects that bankruptcy and the diminishing ability to borrow will curb economic growth in the upcoming period, which will weaken demand for energy derivatives and reduce corporate profits.

Oil prices recorded weekly loss of 12%, lowest since Dec 2021

Crude oil futures recorded losses of 12% in trading as a result of banking turmoil from the US Silicon Valley Bank’s bankruptcy, which has caused fears of a new global financial crisis and growing expectations regarding the US policy to raise interest rates. Al-Salem, chairman of the Kuwaiti Business Council, expects that bankruptcy and the diminishing ability to borrow will curb economic growth in the upcoming period, which will weaken demand for energy derivatives and reduce corporate profits.

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