Global oil prices rose by almost 1% on March 16 morning after a strong fall the previous day, Report informs referring to the auction data.
The price of May futures for Brent crude rose by 0.98% to $74.41 per barrel, April futures for WTI grew by 0.95% to $68.25.
On March 15, the price of Brent fell by 4.9%, WTI by 5.2%, while the price of Brent fell below $72 per barrel, and WTI below $70 for the first time since 2021. The fall in prices followed against the backdrop of a decline in stock markets.
Pessimism in the markets, primarily stock markets, was associated with problems in the banking sector. In the US, several banks closed earlier, including Silicon Valley Bank (SVB). On March 15, there were concerns about one of the largest banks in Switzerland, Credit Suisse. Its shares fell 24% after reports that Credit Suisse’s main shareholder, Saudi National Bank, ruled out additional bailouts for the bank, citing regulatory concerns.
Investors pay attention to the news of the oil market as well. Thus, commercial oil reserves in the US (excluding the strategic reserve) for the week to March 10 rose by 1.6 million barrels, while an increase of 1.2 million barrels was expected.