crude oil futures Brent added $3, or 4%, to $77.99 a barrel. While, Benchmark US WTI rose $3.15, or 4.6%, to $72.52 a barrel.
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Brent gained 2.8% last week, while WTI rallied 3.8% as nervousness over a potential banking sector crisis eased.
About half of the world’s oil supply, or 450,000 barrels per day (bpd) accounted for by Kurdistan’s crude exports, ground to a halt on Saturday after a victory in an arbitration case upheld Baghdad’s consent was needed to ship the barrels from Turkey. This could also force cuts in oil production in the Kurdistan region.
Meanwhile, First Citizens BancShares Inc. said it will buy deposits and loans from the failed Silicon Valley Bank, closing a chapter in a crisis of confidence that has rocked financial markets.
“Oil prices are rising and extending the gains of the previous week as investors are taking note of the authorities’ efforts to calm concerns about the global banking system,” said Fiona Cincotta, a senior financial markets analyst at City Index.
There are also expectations of additional support for bank financing after reports that the US authorities were in initial deliberations about expanding emergency credit lines.
Source: Ambito
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