Oil prices fell on Monday for a second session on concerns that risks in the global banking sector may cause a recession that would lead fuel demand to decline and ahead of a potential interest rate hike by the U.S. Federal Reserve this week.
Brent crude futures for May settlement slid 68 cents, or 0.9%, to $72.29 a barrel at 0500 GMT after a near 12% loss last week, its biggest weekly fall since December.
U.S. West Texas Intermediate crude for April delivery was at $66.16 a barrel, down 58 cents, or 0.9%, after a 13% decline last week, its biggest weekly drop since last April. The April contract will expire on Tuesday and the more actively traded May future was also down 0.8% at $66.40.
