Crude Oil Price Today: Bank turmoil drags crude to 15-month low

, which this week was downgraded to"junk" by S&P and Fitch, is looking at a possible sale.

"On a more granular note: the price fell quickly, and it fell a lot, because market actors and traders had broadly expected the price situation this quarter to strengthen, based on recovering Chinese demand and generally good economic forecasts," Gregory Brew, oil analyst at Eurasia Group told Insider."So these recent events have shaken those expectations.

Still, given China's reopening, oil demand is still expected to strengthen, according to Brew, although crude could face further downward pressure if the banking crisis doesn't subside. fueled speculation for a pause or a smaller rate hike at the March meeting. Markets are slowly adapting to new concerns about macro risk, DataTrek Research cofounder Nicholas Colas wrote in a Thursday note.

"The US economy went into the current crisis with some decent momentum," Colas said."That, and lower oil prices/interest rates may soften the economic blow of tighter lending standards."

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