Oil prices recovered some ground on Thursday, rising from the previous session’s 15-month lows, as markets settled considerably after Swiss authorities threw Credit Suisse a financial lifeline.<\/p>\n\n\n\n
But, market mood remained weak, damaged by concerns about mounting stress on banks throughout the world, and both major crude benchmarks gave up some of Thursday’s early gains.<\/p>\n\n\n\n
At 1105 GMT, Brent crude futures were up 54 cents, or 0.7%, to $74.23 per barrel. WTI oil futures (WTI) increased 43 cents, or 0.6%, to $68.04.<\/p>\n\n\n\n
On Wednesday, the third consecutive day of losses, US oil went below $70 a barrel for the first time since December 20, 2021.<\/p>\n\n\n\n
Brent has lost nearly 10% since Friday’s close while U.S. crude is down about 11%.<\/p>\n\n\n\n
“Oil dropped below $70 a barrel amid fears of a second financial crisis hurting the demand outlook,” said City Index analyst Fiona Cincotta. “Today the market mood has improved after Credit Suisse was thrown a financial lifeline.”<\/p>\n\n\n\n
Credit Suisse said on Thursday that it would borrow up to $54 billion from the Swiss central bank to shore up its liquidity and investor confidence after a slump in its shares intensified fears about a global financial crisis.<\/p>\n\n\n\n
Those fears could crowd out inflation worries when European Central Bank policymakers meet on Thursday, possibly forcing them to ditch plans for a hefty interest rate hike that could slow economic growth and dent oil demand.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices recovered some ground on Thursday, rising from the previous session’s 15-month lows, as markets settled considerably after Swiss authorities threw Credit Suisse a financial lifeline. But, market mood remained weak, damaged by concerns about mounting stress on banks throughout the world, and both major crude benchmarks gave up some of Thursday’s early gains. …<\/p>\n","protected":false},"author":9,"featured_media":74099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[8159,9007],"class_list":["post-81606","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-crude-oil-prices","tag-russian-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=81606"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81606\/revisions"}],"predecessor-version":[{"id":81607,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81606\/revisions\/81607"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/74099"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=81606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=81606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=81606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}