Oil Market Update - Q1 2023: (Oil markets buffeted by fresh uncertainty)

Oil, along with most risk assets, has been buffeted by the turmoil in the US and European banking sectors following the collapse or bailout of a clutch of US banks and the forced takeover of Credit Suisse. Having traded in an $80-90 pb range since the beginning of the year, Brent dropped to $72 pb in late March as the crisis erupted.