Bank Collapse Contagion Fears Spread To Oil Prices

Oil prices have fallen over $2 on Monday, and were down as much as $4 in early trading, as fears of a contagion spread following the sudden collapse of Silicon Valley bank on Friday.  By 10:20 a.m. EST on Monday, Brent crude had fallen 2.31% to $80.87, with WTI down 2.62% at $74.67.  The Dow was also plunged over 243 points early on Monday, clawing back some of those losses by 10:20 a.m., for a 70 point downswing.  Oil prices likely would have fallen even more had not Chinese demand data not provided a counterweight. Fears of a pending…