U.S. oil prices fell below $70 for the first time in over a year on growing evidence of weak oil demand and fears that the banking sector’s troubles will drag down the global economy. 

West Texas Intermediate crude futures, the U.S. benchmark, fell 5.6% to $67.31 per barrel on Wednesday afternoon. WTI hasn’t been this cheap since 2021.

BARRON’S by Avi Salzman, March 15, 2023