Oil prices slumped on Friday and extended recent losses due to ongoing concerns about the banking sector in the US and Europe. 

Analysts believe the fundamentals to remain solid for oil, but there are concerns oil isn't as safe in the turmoil  compared to something like gold or liquid cash.

Banking Sector

Credit Suisse received over 50 billion francs of loans from the Swiss National Bank, in addition to offers to repurchase loans, to improve its situation after causing a shock to the global financial system.

The largest shareholder in Credit Suisse said "everything is going alright", and it's unlikely for the bank to seek more capital.

The announcements came amid a frantic trading session due to concerns about the financial situation of the bank, which caused concerns to regulators worldwide.

International media said that JPMorgan Chase and Morgan Stanley are considering an intervention with liquidity support, and potentially an acquisition of the struggling First Republic bank.

The Federal Reserve also announced an emergency funding program to support struggling banks with liquidity.

Banking stocks continue to suffer, with First Republic bank collapsing by 21% despite liquidity support from other major US banks, while Credit Suisse stock fell by 6.3%.

Monitors are concerned such a crisis could lead to an economic recession in major economies, hurting demand on commodities.

By the close, Brent futures due in May fell 2.3%, or $1.73 to $72.97 a barrel, marking weekly loss of 12%, the largest since December 2022. 

US crude futures due in April slid 2.4%, or $1.61 to $66.74 a barrel, marking a hefty weekly loss of 13%, the largest since April 2022. 

Dollar declined against most major rivals on Friday amid ongoing concerns in the global markets regarding the banking sector. 

Attempts to Rescue the Situation .. But

Credit Suisse received over 50 billion francs of loans from the Swiss National Bank, in addition to offers to repurchase loans, to improve its situation after causing a shock to the global financial system.

The largest shareholder in Credit Suisse said "everything is going alright", and it's unlikely for the bank to seek more capital.

The announcements came amid a frantic trading session due to concerns about the financial situation of the bank, which caused concerns to regulators worldwide.

International media said that JPMorgan Chase and Morgan Stanley are considering an intervention with liquidity support, and potentially an acquisition of the struggling First Republic bank.

The Federal Reserve also announced an emergency funding program to support struggling banks with liquidity.

Banking stocks continue to suffer, with First Republic bank collapsing by 21% despite liquidity support from other major US banks, while Credit Suisse stock fell by 6.3%.

Monitors are concerned such a crisis could lead to an economic recession in major economies, hurting demand on commodities.

Otherwise earlier data from the University of Michigan showed the US consumer confidence survey fell to 63.4 in March from 67, missing estimates of 66.9. 

On trading, the dollar index fell 0.5% as of 19:58 GMT to 103.9, with a session-high at 104.4, and a low at 103.6. 

The Loonie

The Canadian dollar fell 0.1% against its US counterpart to 0.728. 

Aussie

AUD/USD rose 0.6% as of 20:16 GMT to 0.6698. 

US stock indices declined on Friday amid ongoing concerns in the global markets about the banking sector.

Insufficient Interventions 

Credit Suisse received over 50 billion francs of loans from the Swiss National Bank, in addition to offers to repurchase loans, to improve its situation after causing a shock to the global financial system.

The largest shareholder in Credit Suisse said "everything is going alright", and it's unlikely for the bank to seek more capital.

The announcements came amid a frantic trading session due to concerns about the financial situation of the bank, which caused concerns to regulators worldwide.

International media said that JPMorgan Chase and Morgan Stanley are considering an intervention with liquidity support, and potentially an acquisition of the struggling First Republic bank.

The Federal Reserve also announced an emergency funding program to support struggling banks with liquidity.

Banking stocks continue to suffer, with First Republic bank collapsing by 21% despite liquidity support from other major US banks, while Credit Suisse stock fell by 6.3%.

Monitors are concerned such a crisis could lead to an economic recession in major economies, hurting demand on commodities.

On trading, Dow Jones fell 1.2% as of 14:59 GMT, or 385 points to 31,860, while S&P 500 shed 1.1%, or 42 points to 3,918, as NASDAQ tumbled 0.7%, or 86 points to 11,630.

Palladium prices fell on Friday amid ongoing concerns about the banking system in the US and Europe, casting shadows on demand.

The Banking Crisis 

Credit Suisse received over 50 billion francs of loans from the Swiss National Bank, in addition to offers to repurchase loans, to reduce the confidence crisis that's causing a shock to the global financial system.

The largest shareholder in Credit Suisse said "everything is going alright", and it's unlikely for the bank to seek more capital.

The announcements came amid a frantic trading session amid concerns about the financial situation of the bank, which caused concerns to regulators worldwide.

International media said that JPMorgan Chase and Morgan Stanley are considering an intervention and support with more liquidity, and potentially an acquisition of the struggling First Republic bank.

The Federal Reserve also announced an emergency funding program to support struggling banks with liquidity. 

The Dollar

The dollar index fell 0.3% as of 14:44 GMT to 104.08, with a session-high at 104.4, and a low at 103.9.

Banking stocks continue to suffer, with First Republic bank collapsing by 21% despite liquidity support from other major US banks, while Credit Suisse stock fell by 6.3%. 

Monitors are concerned such a crisis could lead to an economic recession in major economies, hurting demand on commodities. 

Palladium futures due in June fell 1.4% as of 14:45 GMT to $1,389.5 an ounce.