Oil is down to its lowest level in three months

Oil prices fell by more than 4% to their lowest level in three months, as both Brent and West Texas crude closed at their lowest level since December 9, which is also the largest daily decline since early January.

The US inflation report and recent US bank failures raised fears of a new financial crisis that may reduce demand for oil in the future, as the US Consumer Price Index (CPI) rose 0.4% in February. Brent crude futures fell by $3.32, or 4.1%, to $77.45 a barrel, and US West Texas Intermediate crude futures fell by $3.47, or 4.6%, to $71.33 a barrel.