Roundup: Oil prices drop to 3-month low on U.S. banking turmoil, inflation worries

NEW YORK, March 14 (Xinhua) -- Oil prices nosedived on Tuesday, as U.S. bank failures and still hot inflation readings raised concerns about recession risks.

The West Texas Intermediate (WTI) for April delivery shed 3.47 U.S. dollars, or 4.64 percent, to settle at 71.33 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery lost 3.32 dollars, or 4.11 percent, to close at 77.45 dollars a barrel on the London ICE Futures Exchange.