ALBAWABA - Oil prices shored up in Asian trade early Thursday, as markets received the welcome news that Swiss regulators pledged to assist the beleaguered megabank, Credit Suisse.
Brent crude futures rose $0.85, or 1.2 percent, to $74.54 per barrel by 0107 GMT.
As of 0427 GMT, #Brentcrude futures were up 58 cents or 0.8% to $74.27 per barrelhttps://t.co/wiOH8UDVam
— Financial Express (@FinancialXpress) March 16, 2023
West Texas Intermediate crude futures increased $0.74 cents, or 1.1 percent, to $68.35 a barrel.
Energy commodity.
— Arth Ben (@ArthurBenta) March 16, 2023
Crude oil prices rise, clawing back some ground from more than one year lows hit in the previous session.
Currently WTI at $68.43 +1.21% and Brent $74.64 +1.29%. pic.twitter.com/S0Q0LyQmvM
The Swiss central bank stepped in Wednesday to reassure global financial markets after fresh fears about the viability of Credit Suisse, offering it a liquidity lifeline.
Hours later, the megabank said it will borrow up to 50 billion Swiss Francs ($53.7 billion).
