Oil deepens losses, Brent above $70

Oil reclaimed some ground at close today, March 20, rising from a 15-month low reached earlier in the session, amid measures to ease concerns about the banking system.

 

International benchmark Brent crude rose 1.1% to settle at $73.79 a barrel, after it fell to $70.12 earlier in the day.

 

West Texas Intermediate (WTI) crude gained 1.3% to close at $67.64 a barrel.

 

Oil erased early losses after UBS Group announced its intention to acquire Credit Suisse for $3.2 billion, in a move to stabilize the Swiss banking system.

 

Meanwhile, the US stock market rose amid cautious optimism about controlling concerns related to banks in the US and Europe.

 

Investors are also waiting for the OPEC+ ministerial committee meeting on April 3, after the group agreed last October to reduce oil production by two million barrels per day until the end of this year.

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