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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq A-Awsat

Oil Falls More Than $2 on Banking Concerns, Likely Fed Rate Hike

US Federal Reserve Oil United States OPEC Interest Rates Recession
A oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017. REUTERS/Christian Hartmann/File Photo

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.

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