NEW YORK, March 17 — Oil prices rebounded on Thursday, recouping some of the massive losses they had suffered in recent days.
The West Texas Intermediate for April delivery gained 74 cents, or 1.09 per cent, to settle at US$68.35 a barrel on the New York Mercantile Exchange. Brent crude for May delivery added US$1.01, or 1.37 per cent, to close at US$74.7 a barrel on the London ICE Futures Exchange.
The rise followed a three-day losing streak on the oil market, which saw both the US crude benchmark and Brent settle Wednesday at their lowest levels since December 2021, reported Xinhua.
The recent plunge in oil prices came as Swiss lender Credit Suisse’s troubles and the collapse of several US banks triggered financial market turbulence.
Traders were worried that the banking woes could dent the broader economy and cripple oil demand. “In the near term, uncertainty in financial markets will need to fade before we can see a stabilisation followed by a recovery in oil prices,” UBS analysts said in a note on Thursday.
— Bernama
