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Oil prices drop to their lowest in 15 months on banking fears

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Dubai: Oil prices on Monday fell 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 by Switzerland’s largest bank, UBS to buy Credit Suisse in an attempt to rescue the country’s second-biggest bank.

In intra-day trade, Brent crude was trading at around 71 dollars and 88 cents per barrel, while WTI crude price was at 65 dollars and 72 cents per barrel, when reports last came in.

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