Brent suffers a 12% drop in just one week, causing significant oil price decline

Oil closed lower on Friday’s session, giving up its early gains, which topped the dollar a barrel, as concerns over the banking sector prompted the two benchmarks to record their largest weekly losses in months.

THE future Brent crude fell $1.73, or 2.3%, to $72.97 a barrel at settlement, while US West Texas Intermediate crude lost $1.61, or 2.4%, to $66.74.

Both benchmarks fell more than $3, hitting their lowest levels during the session. Brent crude fell about 12% on the week, posting its biggest weekly loss since December, according to Reuters.

West Texas Intermediate crude oil futures are down 13% since last Friday’s close, posting their biggest weekly loss since last April.

“The fundamentals aren’t as bad as the market expects here, but there are concerns that oil won’t be as secure as it is for cash or gold,” said John Kilduff, a partner at Again Capital in New York.