Oil prices at 15-month low
Oil prices dropped to their lowest levels in 15 months on Monday on concerns that risks in the global banking sector and a potential increase in US interest rates could spark a recession that would sap fuel demand.
In volatile trading, Brent crude futures for May was down 83 cents, or 1.1 per cent, to $72.14 a barrel by 1425 GMT. The US West Texas Intermediate crude contract for April was down 91 cents, or 1.4 per cent, at $65.83 before its expiry on Tuesday.
The more actively traded May futures were down 1.3 per cent at $66.05 a barrel. Brent and WTI earlier fell by about $3, hitting lows last registered in December 2021, with WTI sinking below $65 a barrel before moving briefly back into positive territory.
