Oil Slips as Banking Fears Return, Offsetting China Demand Hopes
LONDON—Oil extended losses on Wednesday as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery.
Early signs of a return to calm and stability faded after Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance, sending its shares and broader European stocks sliding.
“The financial sector in Europe is under significant turmoil today,” said Naeem Aslam, chief investment officer at Zaye Capital Markets.
Brent crude fell $1.44, or 1.9 percent, to $76.01 a barrel by 1100 GMT. U.S. West Texas Intermediate crude futures (WTI) were down 33 cents, or 0.5 percent, at $71.00….