Oil prices retreated, giving up early gains of more than $1 a barrel, and fell more than $3, following banking sector concerns put crude on track for its biggest weekly drop in months.
Brent crude futures fell $2.27, or 3.04 percent, to $72.43. US West Texas Intermediate crude fell $2.13, or 3.1 percent, at $66.22.
Both benchmarks fell more than $3, hitting session lows. “Brent” crude is heading for the largest weekly decline since December by more than ten percent, while “West Texas Intermediate” crude is heading for a loss of more than 11 percent, which is the largest since last April.