Oil prices slip as US banking crisis irks markets

ALBAWABA - Oil prices continued to slip for the second consecutive day Tuesday, with attention focused on the collapse of the Silicon Valley and Signature banks in the United States.

The banks' collapse sent jitters across markets, especially in the United States, where were people are worried about their savings and investors are anxious about a fresh financial crisis, despite assurances by U.S. President Joe Biden that his government is keen to protect the U.S. financial system.

Brent crude futures fell 9 cents to $80.68 per barrel early Tuesday.

U.S. West Texas Intermediate crude features dropped 16 cents to $74.64 a barrel.

On Monday, Brent fell to its lowest since early January, while West Texas Intermediate plunged to its lowest since December.

The closure of the Silicon Valley and the New York-based Signature bank fueled speculation that other U.S.-based financial institutions may follow suit, especially after the U.S. Federal Reserve's sharp interest rate hikes in the past few months.