Crude oil rose on Thursday after an open in which futures fell to 15-month lows, trailing the session a day earlier, where crude futures and oil stocks were hit alongside a turbulent day for financial markets driven by banking fears. The price reversal followed reports indicating a meeting between Saudi Energy Minister and Russian Deputy Prime Minister in Riyadh to discuss possible OPEC+ measures to stabilize and balance the market.
The commitment to continue pursuing planned production cuts that are already in place reinforced the turn in crude oil futures. Prices were further bolstered by calm indicators from the US and European banking sectors, as Credit Suisse received a bailout of up to $54 billion from the Swiss National Bank and US Treasury Secretary Janet Yellen indicated that America’s banking system is “being solid” while testifying before the Senate Finance Committee on Biden’s budget proposal.
The April WTI contract gained 74 cents to settle at $68.35, while the Brent May contract added $1.01 to settle at $74.70.
