Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse was thrown a financial lifeline by Swiss regulators.
But battered by fears of a deepening crisis for banks worldwide, market sentiment remained fragile with both benchmarks giving up some early Thursday gains that saw Brent climb by more than $1.
Brent crude futures were up 58 cents to $74.27 per barrel. While West Texas Intermediate crude futures (WTI) rose 51 cents, to $68.12 a barrel.
Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse was thrown a financial lifeline by Swiss regulators.
On Wednesday, the third straight day of declines, U.S. crude fell below $70 a barrel for the first time since Dec. 20, 2021.
Brent has lost nearly 10% since Friday’s close, while U.S. crude is down about 11%.
Credit Suisse said on Thursday it would borrow up to $54 billion from the Swiss central bank to shore up its liquidity and investor confidence after a slump in its shares intensified fears about a global financial crisis.
