Oil prices fell on the world market amid concerns over demand prospects due to the risk of recession, Report informs.
Referring to stock exchanges, Report informs that the May futures of Brent crude oil decreased by 0.95% to $72.28 per barrel. The May futures of WTI crude fell by 0.79% and amounted to $66.4 a barrel.
Against the background of ongoing uncertainties, traders prefer to be cautious. Last week, volatility was observed in the banking sector in the markets. Investors are concerned that the tightening of monetary policy is affecting banks. These trends have a negative impact on the economic outlook and oil demand forecasts.