New York West Texas Intermediate (WTI) crude futures closed higher on Monday (March 20) as a strong rebound in US stocks supported oil prices. After the price plummeted to a 15-month low during the day.
- The WTI crude oil contract is delivered in April. They were up 90 cents, or 1.4%, at $67.64 a barrel.
- The Brent crude oil contract (BRENT) is delivered in May. It was up 82 cents, or 1.1%, at $73.79 a barrel.
Crude oil prices rose in line with the US stock market. The Dow rose more than 300 points on news UBS reached a deal to buy Credit Suisse and speculation that the Federal Reserve (Fed) may not raise interest rates at its next meeting this week. this
UBS agreed to acquire Credit Suisse for 3 billion Swiss francs ($3.23 billion) on Sunday in a partnership between the banks. middle of switzerland Swiss government and the Swiss Financial Market Supervisory Authority. which gives credit Swiss can avoid a financial crisis.
Shortly following the news of such an agreement The Fed has announced partnerships with the Bank of Canada, the Bank of England (BoE), the Bank of Japan (BOJ), the European Central Bank (ECB) and the Bank of Switzerland. to enhance liquidity in the financial system
Phil Fine, an analyst at Price Futures Group, said the current oil market is not driven by supply and demand factors. But it was driven by concerns regarding the banking crisis.
Investors keep an eye on the committee meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies. Or OPEC Plus on April 3, following the OPEC Plus meeting in October last year. The meeting agreed to reduce the oil production target by 2 million barrels per day. Until the end of 2023
By InfoQuest News Agency (21 March 2023)
Tags: WTI oil, crude oil, oil price