Oil futures declined on Wednesday, with U.S. prices settling below $70 a barrel at their lowest level in over six weeks. Oil has continued to slide as “the rising prospect of a U.S. economic slowdown raises concerns over future demand,” said Michael Hewson, chief market analyst at CMC Markets UK. “The banking crisis is likely to trigger a tightening of credit conditions, which could also constrain economic activity.” June West Texas Intermediate crude CLM23 fell $3.06, or 4.3%, to settle at $68.60 a barrel on the New York Mercantile Exchange. That was the lowest finish for a front-month contract since March 20, according to Dow Jones Market Data.
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