U.S. oil closes below $70 a barrel for first time since 2021

Oil futures extended a slump Wednesday, with the U.S. benchmark closing below $70 a barrel for the first time since December 2021 as the fallout from a banking crisis stoked recession fears.

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Trouble in the banking sector amplified fears that aggressive monetary tightening by the Federal Reserve and other central banks has set the stage for a sharp economic downturn.