Oil prices fell to 15-month lows as Switzerland's second-largest lender Credit Suisse fell into crisis after the collapse of two US banks, leading to its takeover by rival UBS.

"Historically, when the market took such a beating, it took months to get back the money ... it's still going to be in the red by June, and that's going to drive oil prices higher." Jeff Currie, Goldman's global head of commodities, told the Financial Times at the Commodities Global Summit on Tuesday.