# Oil prices rebound after hitting lowest since 2021 on banking fears

> Oil prices rebounded on March 20 after falling to their lowest level in about 15 months. Brent rose to $73.79 and WTI gained to $67.64 as Wall Street rallied. Both benchmarks had dropped more than 10% the previous week on fears that the banking crisis could trigger a recession.

- Date: 2023-03-20 · published 2023-03-20T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/37055-oil-prices-rebound-after-hitting-lowest-since-2021-on-banking-fears
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Recession fears reduce expected fuel and industrial demand, which keeps energy and freight costs under pressure for feed buyers. The bounce is a short-term recovery rather than a change in the demand outlook.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-05-05 | [Canadian dollar seen rebounding as high oil price feeds trade surplus \| Reuters](https://feedsoft.ai/events/41653-canadian-dollar-seen-rebounding-as-high-oil-price-feeds-trade-surplus-reuters.md) | -2.1% | +8.4% |
| WTI | 2020-05-27 | [Diesel stops 19-week slide after fleets contend with historic low oil prices \| Trucking Dive](https://feedsoft.ai/events/53315-diesel-stops-19-week-slide-after-fleets-contend-with-historic-low-oil-prices.md) | +6.6% | +16.8% |
| WTI | 2026-04-30 | [Ringgit closes lower on volatile oil prices \| The Star](https://feedsoft.ai/events/19961-ringgit-closes-lower-on-volatile-oil-prices-the-star.md) | -10.8% | -16.4% |
| WTI | 2023-05-24 | [Oil prices gain 2% on falling U.S. stockpiles, Saudi warning \| Reuters](https://feedsoft.ai/events/36100-oil-prices-gain-2-on-falling-u-s-stockpiles-saudi-warning-reuters.md) | -6.6% | -4.9% |
| WTI | 2024-01-30 | [Crude oil prices today: WTI, Brent rise after IMF forecast](https://feedsoft.ai/events/32274-crude-oil-prices-today-wti-brent-rise-after-imf-forecast.md) | -5.2% | +3.1% |
| BRENT | 2026-09-28 | [Rand weakens as oil prices rise and rate-hike fears support dollar](https://feedsoft.ai/events/17765-rand-weakens-as-oil-prices-rise-and-rate-hike-fears-support-dollar.md) | +6.5% | +1.3% |
| BRENT | 2023-05-24 | [Oil prices gain 2% on falling U.S. stockpiles, Saudi warning \| Reuters](https://feedsoft.ai/events/36100-oil-prices-gain-2-on-falling-u-s-stockpiles-saudi-warning-reuters.md) | -5.8% | +0.4% |
| BRENT | 2026-09-08 | [Ringgit ends lower as oil prices rise, Fed decision looms \| Malay Mail](https://feedsoft.ai/events/17731-ringgit-ends-lower-as-oil-prices-rise-fed-decision-looms-malay-mail.md) | +10.4% | +7.7% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-edges-up-historic-swiss-banks-deal-central-banks-support-2023-03-20/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.