Brent crude oil slides to below one-year low, gold climbs over 1%

Oil extended its slide on Wednesday, falling 5 per cent and hitting its lowest in more than a year as unease over Credit Suisse spooked world markets and offset hopes of a Chinese oil demand recovery.
 
Brent crude fell $3.20, or 4.1 per cent, to $74.25 a barrel after touching $74.01 for its lowest since December 2021. US West Texas Intermediate crude was down $2.86, or 4 per cent, at $68.47, having also hit its lowest since December 2021.
 
Gold rallies
 
Gold prices climbed over 1 per cent to their highest since early February as a fresh crisis in the banking sector turned investors away from seemingly riskier assets and drove them to the safety of bullion.