In volatile trading, Brent crude futures for May fell $2.07 to $70.90 a barrel at 0950 GMT, while U.S. West Texas Intermediate crude contract for April was down $1.88 at $64.86
Oil prices fell on Monday to their lowest in 15 months on concern that risks in the global banking sector and a potential increase to U.S. interest rates could spark a recession that would sap fuel demand.
The slide in oil comes despite the historic deal for UBS, Switzerland’s largest bank, to buy Credit Suisse in an attempt to rescue the country’s second-biggest bank. After the deal was announced, The U.S. Federal Reserve, European Central Bank and other major central banks pledged to enhance market liquidity and support other banks.
The U.S. Federal Reserve is expected to raise interest rates by 25 basis points on March 22 despite the recent banking sector turmoil, according to most of the economists polled by Reuters.
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