Oil prices shore up on Asian market

Published March 16th, 2023 - 08:04 GMT
Oil prices shore up on Asian market
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Oil prices shore up in Asian trade markets on news that the Swiss central bank is lending a helping hand to the megabank, Credit Suisse.

ALBAWABA - Oil prices shored up in Asian trade early Thursday, as markets received the welcome news that Swiss regulators pledged to assist the beleaguered megabank, Credit Suisse.

Brent crude futures rose $0.85, or 1.2 percent, to $74.54 per barrel by 0107 GMT.

West Texas Intermediate crude futures increased $0.74 cents, or 1.1 percent, to $68.35 a barrel.

The Swiss central bank stepped in Wednesday to reassure global financial markets after fresh fears about the viability of Credit Suisse, offering it a liquidity lifeline.

Hours later, the megabank said it will borrow up to 50 billion Swiss Francs ($53.7 billion).

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