Crunch time for European banks as first-quarter earnings approach

If Europe’s bankers were hoping to put a positive spin on financial markets as they prepare to report first-quarter earnings, it might be time for them to throw away those prepared statements.

Oil tumbled the most in two months yesterday after output talks between the world’s biggest producers failed to produce a deal to curb production.

It’s worth remembering that hopes for some kind of agreement helped oil rebound from a low of $26 in February to over $42 last week.