Oil prices fell on Monday to their lowest in 15 months on concerns risks in the global banking sector may cause a recession that would lead fuel demand to decline and ahead of a potential hike in US interest rates this week.

Brent crude futures for May settlement fell $2.32, or 3.2%, to $70.65 a barrel at 0710 GMT. The contract earlier declined to as low as $70.56, its lowest since December 2021.

US West Texas Intermediate crude for April delivery was at $64.59 a barrel, down $2.15, or 3.2%. It earlier fell to $64.51, also its lowest since December 2021.

Source: Qatar News Agency