Oil steadied at the week’s open as the world’s most powerful economies took aggressive steps to contain the worst global banking crisis since 2008, bolstering the allure of risk assets including commodities.
Global benchmark Brent held above US$73 a barrel after plunging 12 per cent last week to hit the lowest since December 2021. At the weekend, Swiss authorities brokered a takeover of Credit Suisse Group AG by rival UBS Group AG. In addition, the Federal Reserve and five other central banks announced coordinated action to boost liquidity in US dollar swap arrangements.
There are also signs that demand in top oil importer China remains robust, with Unipec — the trading arm of Sinopec — buying 2 million barrels of the North Sea’s Johan Sverdrup crude, the first purchase to Asia in three months. Official data showed China’s oil imports rose 12 per cent in February from last year.
After trading in a tight range at the start of 2023, crude has broken lower as the banking crisis, concerns over a global slowdown, and Russia’s ability to keep crude flowing despite a web of sanctions combined to undermine prices. The slump has raised the prospect of intervention from OPEC+, though some observers reckon that the group will stay on the sidelides for now.Brent for May settlement was 0.2 per cent higher at US$73.12 a barrel on the ICE Futures Europe exchange at 7:14 a.m.
West Texas Intermediate for April delivery added 0.3 per cent to US$66.93 a barrel on the New York Mercantile Exchange.Last week’s sharp drop led one of the oil market’s most ardent bulls, Goldman Sachs Group Inc., to temper its optimism. The Wall Street giant no longer sees oil reaching US$100 a barrel this year as recession fears bite.
The historic takeover of Credit Suisse followed client outflows and a massive rout in its stock and bonds. The lender’s troubles, which came after the collapse of smaller US lenders, triggered turmoil across financial markets last week, including in raw materials as investors shunned risk.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
Bank panic raises specter of 2008, may bring lasting changeThe swift and dramatic events have fundamentally changed the landscape for banks.
اقرأ أكثر »
Investing in natural gas producers: Three hot picks from Jonnathan Handshoe - BNN BloombergThe price of natural gas has come under pressure this year, but one analyst says that will not be the case for much longer.
اقرأ أكثر »
UBS to buy Credit Suisse in historic deal to end crisis - BNN BloombergUBS Group AG agreed to buy Credit Suisse Group AG in a historic, government-brokered deal aimed at containing a crisis of confidence that threatened to spread across global financial markets.
اقرأ أكثر »
The Week Ahead: U.S. President Joe Biden visits Canada; FOMC meeting - BNN BloombergA look at what investors will be watching in the upcoming week.
اقرأ أكثر »
U.S. stocks slip, bonds rally as banking stress deepens - BNN BloombergEuropean stocks fell and U.S. equity futures retreated as the emergency weekend sale of Credit Suisse Group AG to UBS Group failed to soothe market jitters over the health of the banking system.
اقرأ أكثر »
Indigenous communities leading Canada's clean energy boom - BNN BloombergOn a wintry day last November, Daphne Kay looked up at an expanse of gleaming solar panels located on Cowessess First Nation reserve land just east of Regina and cried.
اقرأ أكثر »