Oil climbs from 15-month low after banking crisis roils market - BNN Bloomberg

West Texas Intermediate futures traded near US$68 a barrel after tumbling around 12 per cent over the previous three sessions. The turmoil whipped up by the collapse of Silicon Valley Bank and fresh upheaval at Credit Suisse Group AG has reverberated across global assets, with selling in oil gathering pace as firms tried to limit their exposure in the options market.

OPEC's top official earlier this month flagged concerns about slowing demand in Europe and the U.S., and investors will be watching to see if the rout draws a response from the group and its allies. However, traders are abandoning bets that the Federal Reserve will raise interest rates amid the banking turmoil.

A long-term timespread for global benchmark Brent has weakened during the recent selloff, narrowing to US$2.94 a barrel in backwardation on Wednesday. That compares with US$5.26 at the end of last week.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil prices plunge, Canadian energy stocks take beating as global banking fears spread - BNN BloombergCrude oil prices took a beating Wednesday as market chaos related to a spreading banking crisis continued. How does it make any sense that concerns about banking stability had a bigger impact on oil and gas stocks today compared to banking stocks. Makes no sense! Can someone please explain JonErlichman
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Flair launches $50M lawsuit against leasing companies following plane seizures - BNN BloombergFlair Airlines has filed a $50-million lawsuit against several plane-leasing companies over what it claims were unlawful seizures of four of its aircraft over the weekend. Flair has no money to file a lawsuit...bye bye Flair Airlines
Source: BNNBloomberg - 🏆 83. / 50 Read more »