Oil prices hit lowest levels since 2021 on banking fears recession
NEW YORK (Reuters) -Oil prices dropped to their lowest levels in 15 months on Monday before paring losses as the market digests concerns that risks in the global banking sector could spark a recession that would sap fuel demand.
In volatile trading, Brent crude futures for May were down 14 cents to $72.83 a barrel by 11:52 a.m. EDT (1552 GMT).
The U.S. West Texas Intermediate crude contract for April was down 28 cents at $66.46 before its expiry on Tuesday. The more actively traded May futures were down 21 cents at $66.72 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.
