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The stability of oil prices.. Brent records 73.84 dollars per barrel
[You must be registered and logged in to see this link.] |Today, 08:54
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Baghdad today - follow-up
Oil prices stabilized today, Tuesday, after falling early in the previous session on investor concerns that the recent problems in the banking sector will affect the global economy and reduce demand for crude.
Brent crude futures for May delivery rose five cents to $73.84 a barrel by 0049 GMT.
West Texas Intermediate crude futures rose nine cents to $67.73 a barrel. In the previous session, both Brent and West Texas Intermediate fell by about $3 a barrel before closing higher.
The US crude contract for April expires on Tuesday, and May is the most active contract for that crude.
Tuesday's slight rise in rates came after a landmark deal in which Switzerland's largest bank, UBS, agreed to buy smaller rival Credit Suisse in a bid to save it.
After the deal was announced, major central banks, including the US Federal Reserve and the European Central Bank, indicated that they would enhance market liquidity and support other banks.
Meanwhile, officials from the Group of Seven major industrialized nations said it was unlikely that the group would revise the $60 ceiling imposed on Russian oil as planned. Officials said the European Commission told EU ambassadors over the weekend that there was no urgency among the group for an immediate review.
OPEC+, which groups the world's largest oil exporters and allies including Russia, is scheduled to meet on April 3. The group agreed in October to cut oil production targets by 2 million barrels per day until the end of 2023.
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