On Monday, oil prices slid to their 15 months-low due to worries that uncertainties in the global banking industry and a prospective hike in U.S. interest rates could lead to a recession and reduce fuel demand.

Brent crude futures experienced choppy trading and dipped by1.2%, to $72.10 per barrel. Before its expiration on Tuesday, while West Texas Intermediate crude plunged by 1.3%, at $65.89.

As the banking crisis grew worse last week, the two main gauges lost more than 10% of their value.

Although UBS, Switzerland's largest bank, signed a historic agreement to acquire Credit Suisse in an effort to save the nation's second-largest bank, oil prices declined.

According to a poll conducted by Reuters, Fed is projected to hike the interest rate by 25 bps on the 22^nd of March regardless the banking crisis.

OPEC+, is scheduled to meet on April 3. The group decided earlier in October to trim oil production targets by 2 million bpd till the end of the current year.