Oil Falls Further After Last Week’s 13% Drop

Oil futures are lower to start the week, with the US benchmark WTI falling 1.1% to $66.04 a barrel and the global benchmark Brent declining 1% to $72.24 as focus remains squarely on the health of the US and global banking sectors. Spartan Capital’s Peter Cardillo says in a note that oil traders “remain hesitant over future demand … the takeover of Credit Suisse works in reverse psychology, adding to investors’ wariness.” With the macro financial sector pushing oil prices even lower after last week’s 13% decline, investors are keeping watch on OPEC and other major oil producers to see if they begin to cut production or make other announcements.