Oil prices slumped to their lowest levels in 15 months on Monday, as investors worry that risks in the global banking sector could accelerate a recession that will impact energy demand.

Major global benchmarks were down roughly 3% on Monday. Brent crude fell to $70.80, while US West Texas Intermediate (WTI) plunged to $64.68 per barrel as of 11:00 GMT.

• Investors are concerned that persisting risks in the global banking sector could trigger a recession that will lead to a decline in oil demand.

The slide came despite signals that the central banks are stepping up efforts to help distressed lenders in the US and Europe.

• “The upcoming OPEC meeting is another potential catalyst on the outlook for the [oil] market. Further downside risk to prices increases the probability OPEC reduces production further to support prices,” the head of commodity research at National Australia Bank, Baden Moore, said.

A ministerial committee of OPEC and major producing nations including Russia, known as OPEC+, is due to meet on April 3.

Source: RT