On Monday, oil prices fell to a 15-month low amid fears that turmoil in the global banking sector could lead to a recession that would dampen demand for oil, as well as fears of a possible hike in interest rates in the United States this week.<\/p>\n\n\n\n
Brent crude futures for May settlement fell $2.32, or 3.2 percent, to $70.65 a barrel by 0710 GMT. The contracts earlier fell to $70.56 a barrel, the lowest level since December 2021.<\/p>\n\n\n\n
Brent plunged nearly 12 percent last week, its worst weekly performance since December.<\/p>\n\n\n\n
US West Texas Intermediate crude for April delivery also fell $2.15, or 3.2 percent, to $64.59 a barrel. And it fell earlier to $ 64.51, and this was also its lowest level since December 2021.<\/p>\n\n\n\n
WTI fell nearly 13 percent last week, its worst weekly performance since April.<\/p>\n\n\n\n
April contracts will end on Tuesday, and the most heavily traded May futures contract also fell 3.2 percent to $64.81 a barrel.<\/p>\n\n\n\n
The drop in oil prices comes despite reaching a historic deal under which Swiss bank UBS will acquire Credit Suisse, the second largest bank in the country, in an effort to stem the spread of the banking crisis.<\/p>\n\n\n\n
After the deal was announced, the US Federal Reserve, the European Central Bank and other major central banks pledged to boost market liquidity and support banks.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
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