Oil prices dropped to their lowest levels in 15 months over fears that risks in the global banking sector could spark a recession that would cut fuel demand
After the deal was announced, the U.S. Federal Reserve, European Central Bank and other major central banks pledged to enhance market liquidity and support other banks.
An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Picture taken on November 12, 2021. Mandatory credit Kyodo/via REUTERS "Volatility is likely to linger this week, with broader financial market concerns likely to remain at the forefront," ING Bank analysts said in a note, adding the looming Fed decision adds to uncertainty in markets.to revise a $60-per-barrel price cap on Russian oil this week, two European Union officials and one official from a coalition member told Reuters on Monday.
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