Oil falls as banking concerns persist, likely Fed rate hike
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 US Federal Reserve this week.
Brent crude futures for May settlement slid 68 cents, or 0.9 per cent, to $72.29 a barrel at 0500 GMT after a near 12 per cent loss last week, its biggest weekly fall since December.
US West Texas Intermediate crude for April delivery was at $66.16 a barrel, down 58 cents, or 0.9 per cent, after a 13 per cent decline last week, its biggest weekly drop since last April.
