New York West Texas Intermediate (WTI) crude futures closed more than 2% higher on Tuesday (March 21), marking the second straight day of closing in positive territory following news UBS had reached a deal. The news helped ease investor concerns that the banking crisis would hurt the economy and oil demand.
- The WTI crude oil contract is delivered in April. It rose $1.69, or 2.5%, to close at $69.33/barrel.
- The Brent crude oil contract (BRENT) is delivered in May. It was up $1.53, or 2.1%, at $75.32 a barrel.
Investors ease concerns about banking crisis After UBS Bank reached an agreement to acquire Credit Suisse in the amount of 3 billion Swiss francs ($ 3.23 billion) under cooperation between the Swiss central bank. Swiss government and the Swiss Financial Market Supervisory Authority. This helps Credit Suisse to avoid financial crises.
Meanwhile, 11 major Wall Street banks, including JPMorgan and Goldman Sachs, announced a combined $30 billion injection. To add liquidity to the First Republic Bank (First Republic Bank) or FRB, a US regional bank.
Investors are keeping an eye on the outcome of the Fed meeting on Wednesday (March 22) US time or exactly in the early hours of Thursday (March 23) Thai time. The Fed will raise interest rates by 0.25% in this round of meetings. This reflects the Fed’s confidence in handling crises in the banking system. And the Fed will continue to focus on staving off inflation.
In addition, investors are also keeping an eye on the weekly crude stock report. The US Energy Information Administration (EIA) is scheduled to release the information today at 9:30 p.m. Thai time.
By InfoQuest News Agency (22 Mar. ’23)
Tags: WTI oil, crude oil, oil price
