NEW YORK, March 13 (Xinhua) -- Oil prices fell sharply on Monday as traders remained concerned over contagion from the collapse of U.S. lender Silicon Valley Bank.
The West Texas Intermediate (WTI) for April delivery dropped 1.88 U.S. dollars, or 2.45 percent, to settle at 74.8 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery lost 2.01 dollars, or 2.43 percent, to close at 80.77 dollars a barrel on the London ICE Futures Exchange.
The pullback came as traders were worried that the recent bank failures in the United States will trigger an economic slowdown, hurting demand for crude oil.
For the week ending Friday, the WTI fell 3.8 percent, while Brent decreased nearly 3.6 percent, based on the front-month contracts.
