BUSINESS Oil prices rebound from 15-month low


Oil prices rebound from 15-month low


06:53, March 17, 2023

NEW YORK, March 16 (Xinhua) -- 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 percent, to settle at 68.35 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery added 1.01 dollars, or 1.37 percent, to close at 74.7 dollars a barrel on the London ICE Futures Exchange.

The rise followed a three-day losing streak on the oil market, which saw both the U.S. crude benchmark and Brent settle Wednesday at their lowest levels since December 2021.

The recent plunge in oil prices came as Swiss lender Credit Suisse's troubles and the collapse of several U.S. 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 stabilization followed by a recovery in oil prices," UBS analysts said in a note on Thursday.

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