Oil stopped skidding and rose after touching its lowest value in a year and a half

oil prices They rose 2% on Thursday after falling to nearly 15-month lows earlier in the session, supported by reports that top producers Saudi Arabia and Russia met to discuss ways to improve market stability.

Brent crude futures rose $1.61, or 2.2%, to $75.30. the barrel. crude oil futures West Texas Intermediate (WTI) added $1.53, or 2.3%, to $69.14 a barrel.

Earlier in the Thursday session, both contracts they had fallen more than a dollar a barrel to nearly 15-month lows. On Wednesday, the third consecutive day of declines, US crude fell below $70 a barrel for the first time since December 20, 2021.

Saudi state media reported that the country’s Energy Minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak They met in the Saudi capital to discuss the OPEC+ group’s efforts to maintain market balance.

“The news woke up the bulls in the market, and it was expected with the selloff we’ve seen in recent sessions,” said John Kilduff, a partner at Again Capital.

Oil prices were also supported by a broader recovery in financial markets after Swiss regulators threw a lifeline at Credit Suisse, and Treasury Secretary Janet Yellen assured lawmakers that the US banking system it’s still solid.

The dollar weakened on Thursday, making dollar oil cheaper for buyers with other foreign currencies and increasing demand.

Both OPEC and the International Energy Agency (IEA) have forecast higher oil demand this week, but oversupply concerns continue to weigh on the market.

But the European Central Bank’s decision to raise interest rates, as expected, also weighed on oil prices.

Crude oil trading will remain volatile, especially if other central banks stick with rate hikes, said Craig Erlam, an analyst at OANDA.