Oil prices plunged by 4% early on Friday as the U.S. dollar rallied and banking stocks in Europe crashed in a sign of renewed pressure on the sector. As of 8:08 a.m. EDT on Friday, WTI Crude was down by 3.99% at $67.27, and Brent Crude traded down 3.65% on the day at $73.20. On Thursday, Brent settled at above $75 and WTI at over $70 per barrel.
On Friday morning, oil prices had nearly wiped out the gains of this week accumulated on Wednesday and Thursday. On Friday, oil prices slumped again as the U.S. dollar was rallying, thus making crude…Oil Prices Crash 4% As European Banking Stocks Slump
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