Oil Futures Rise After Swiss National Bank Provides Aid to Credit Suisse
After falling by over 3% yesterday, Brent crude oil prices advanced by 1% Thursday, lifting the nearby contract to $74 a barrel.
West Texas Intermediate (WTI) crude, the main benchmark for North American oil prices, climbed by 0.8% during pre-market trade. At present, the April contract is trading at $68 a barrel after tumbling to the lowest level since late December 2021 on Wednesday.
Despite the rebound so far Thursday, both Both Brent crude and WTI crude remain oversold.
Trader sentiment was bolstered by an announcement from Credit Suisse that it “is taking decisive action to pre-emptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank (SNB) up to CHF 50 billion under a Covered Loan Facility as well as a short-term liquidity facility."
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