Oil is making up for some of its losses after falling to its lowest level in more than a year

Oil prices rose in early Asian trade on Thursday, recouping some of the losses after hitting their lowest levels in more than a year in the previous session, as markets calmed somewhat after Swiss regulators’ decision to bail out Credit Suisse.

And by 0107 GMT, Brent crude futures rose 85 cents, or 1.2 percent, to $ 74.54 a barrel. West Texas Intermediate crude futures rose 74 cents, or 1.1 percent, to $68.35 a barrel.

The two benchmarks rose by more than a dollar earlier in Thursday’s session.

On Wednesday, they fell to their lowest levels since December 2021, after falling for three consecutive days. Brent has lost nearly 10% since Friday’s close, while US crude has fallen about 11%.

Later on Thursday, European Central Bank policymakers are expected to be tempted to raise interest rates by half a percentage point, as the eurozone economy regains strength while inflation is expected to remain high for years.

Higher interest rates could lower demand for oil as economic growth slows. Fears of an exacerbation of the financial crisis in the banking sector could also affect oil demand.

Meanwhile, data showed a recovery in Chinese economic activity in the first two months of 2023 after the cancellation of strict coronavirus containment measures.

The monthly report issued by the International Energy Agency on Wednesday indicated an expected increase in oil demand from China, a day after OPEC raised its forecast for Chinese demand in 2023.