Resolving the Banking Crisis Contributes to Rising Oil Prices

The rescue of Credit Suisse has alleviated fears of a banking crisis, leading to an increase in oil prices. On Tuesday, Brent crude rose by $1.53, or 2.1%, to settle at $69.33 per barrel, while West Texas Intermediate crude saw a gain of $1.69, or 2.5%, also reaching $69.33. Fiona Cincotta, senior market analyst at City Index, stated, "The concerns about a banking crisis and recession have subsided, which has brightened the outlook for oil demand, at least for now." Dennis Kessler, Senior Vice President for Trading at P.O.K. Financial, remarked, "It seems that the appetite for 'risk' is returning to crude."