Oil rises 2% in retreat from 15-mth low as banking fears subside

Oil rises 2% in retreat from 15-mth low as banking fears subside
# 22 March 2023 12:10 (UTC +04:00)

Oil prices rose more than 2% on Tuesday, extending a retreat from a 15-month low hit the previous day, as the rescue of Credit Suisse allayed concerns of a banking crisis that would hurt economic growth and cut fuel demand, APA reports citing Reuters.

Measures to stabilise the banking sector, including a UBS takeover of Credit Suisse and pledges from major central banks to boost liquidity, have calmed fears about the financial system that roiled markets last week.

"Fears of a banking crisis and a recession have eased, brightening the oil demand outlook at least for now," said Fiona Cincotta, Senior Financial Markets Analyst at City Index.

Brent crude settled up $1.53, or 2.1%, at $75.32 a barrel, while U.S. West Texas Intermediate (WTI) closed up $1.69, or 2.5% to $69.33.

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