NEW YORK – Oil prices climbed yesterday as fears of a global banking crisis eased.
The West Texas Intermediate for April delivery gained US$1.69 (RM7.56), or 2.5%, to settle at US$69.33 a barrel on the New York Mercantile Exchange.
Brent crude for May delivery added US$1.53, or 2.07%, to close at US$75.32 a barrel on the London ICE Futures Exchange.
“We got through more than 24 hours without a bank failure and that put an upward tilt to oil,” Phil Flynn, senior analyst at The PRICE Futures Group, said in a note yesterday.
Financial markets calmed down after the takeover of Credit Suisse.
Fears that US regional lender First Republic Bank was on the brink also receded as other bankers work on plans to shore up the bank along with a cash infusion of US$30 billion, reported Xinhua.
Traders also awaited data on US crude stockpiles as the US Energy Information Administration will release its weekly petroleum status report today. – Bernama, March 22, 2023
