On the morning of March 20, oil prices fell to their lowest level since December 2021: Brent fell to almost $70 per barrel.

As reported by Reuters, analysts cited fears that problems in the banking sector could cause a recession and reduce demand for fuel.

Analysts also believe that on March 22, the US Federal Reserve System will announce another increase in the discount rate by 0.25%, which will further complicate the work of financial institutions.

The decline in oil prices comes amid reports of a deal under which Switzerland's largest bank, UBS, is buying another major Swiss bank, Credit Suisse, which was threatened with bankruptcy.

The collapse of a financial institution of this magnitude could cause a global collapse of markets.

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