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Oil stops skidding and rises after touching its lowest value in a year and a half

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Oil prices rise This Thursday March 16 after operating at lows since mid-2021while the markets operate with relative calm a little after that Credit Suisse received a financial lifeline of regulators swiss.

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The futures of Brent rise 1.7%to $74.94 the barrel. For his part, he West Texas Intermediate in the United States (WTI) picks up a 1.8%to $68.81.

Last Wednesday, oil He had just scored three consecutive days of relegation. He WTI had fallen below u$s70 for the first time since December 20, 2021.

“The oil fell below $70 the barrel in the middle of the fears of a second financial crisis that hurts demand prospects,” said Fiona Cincotta, analyst of City Index. “Market sentiment has improved today after Credit Suisse received a financial lifeline.”

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These fears could displace inflationary concerns when the European Central Bank’s monetary policy makers meet this Thursday, possibly pressuring them to scrap plans for a sharp rise in interest rates that could slow down economic growth and reduce oil demand.

The OPEC+ considers that the fall in oil prices this week to lows of more than a year is due to financial fears and not an imbalance between supply and demandand expects the market to stabilize, four delegates from the grower group told Reuters.

“It is a purely financial question and has nothing to do with the supply and demand of oil”said one of the delegates, who asked to remain anonymous. OPEC+ will most likely “wait and see what happens” with the hope that the situation “will normalize soon”.

Source: Ambito

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