Taps are photographed at a gas station in Frankfurt, Germany, on Oct. 5, 2022. Crude oil prices took a beating Wednesday as market chaos related to a spreading banking crisis continued. THE CANADIAN PRESS/AP-Michael Probst

Oil prices plunge, Canadian energy stocks take beating as global banking fears spread

Crude oil prices took a beating Wednesday as market chaos related to a spreading banking crisis continued.

The North American benchmark West Texas Intermediate plunged more than four per cent on Wednesday to hover around US$68 per barrel.

That’s the lowest crude price since December of 2021.

Oil prices have been falling all week as concerns about the health of the global banking sector mount.

Oil and gas stocks were by far the hardest hit sector on the Toronto Stock Exchange Wednesday, with the S&P/TSX capped energy index losing 5.44 per cent in the day’s trading.

Energy analyst Rory Johnston says oil and gas investors are panicking right now, and it will be more clear where crude prices are headed once the dust has had a chance to settle.

Be Among The First To Know

Sign up for a free account today, and receive top headlines in your inbox Monday to Saturday.

Sign Up with google Sign Up with facebook

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Reset your password

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

A link has been emailed to you - check your inbox.



Don't have an account? Click here to sign up
Previous story
Former governor general David Johnston named special rapporteur on foreign meddling
Next story
Canada will hold special ceremony to mark May 6 coronation of King Charles: Trudeau

Just Posted

Brendan Fraser, winner for best performance by an actor in a leading role, left, and Adrien Morot, winner for best makeup and hairstyling, both for “The Whale,” pose at the Governors Ball after the Oscars on Sunday, March 12, 2023, at the Dolby Theatre in Los Angeles. Montreal-based designer for “The Whale” Morot says that his first Oscar wouldn’t mean as much if his friend Fraser didn’t come away with some hardware of his own. THE CANADIAN PRESS/AP/John Locher
The Sylvan Lake Libraries Film Society is Screening Oscar Winning Movie at Landmark Cinemas

The RCMP logo is seen outside Royal Canadian Mounted Police “E” Division Headquarters, in Surrey, B.C., on Friday April 13, 2018. The RCMP says it has opened an investigation into possible violations of the Security of Information Act concerning recent media reports about alleged foreign interference. THE CANADIAN PRESS/Darryl Dyck
Leduc RCMP seek information on Calmar break and enter

Eckville resident Tim Hoven is running as an Independent in the upcoming provincial election. (photo provided by Tim Hoven)
Eckville Area farmer is running as an Independent in upcoming provincial election

Shamrocks are associated with Ireland, but a four-leaf clover is much more rare. Do you know the odds of finding a four-leaf clover? (Pixabay.com)
QUIZ: How Irish are you?