Oil prices stabilized on Tuesday after falling earlier in the previous session due to investors' concerns that recent banking sector issues would impact the global economy and limit crude demand.
Brent crude futures for May rose five cents to $73.84 per barrel by 00:49 GMT. Meanwhile, West Texas Intermediate (WTI) crude futures increased nine cents to $67.73 per barrel. In the previous session, both Brent and WTI fell by about three dollars per barrel before closing higher.
The April contract for US crude expires on Tuesday, with May being the most active contract for that crude.
The slight rise in prices today followed a historic deal in which UBS, Switzerland's largest bank, agreed to purchase its smaller rival, Credit Suisse, in an attempt to save it.
Following the announcement of the agreement, 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 revealed that it is unlikely the group will review the cap imposed on Russian oil prices, set at $60, as previously planned. Officials stated that the European Commission informed EU ambassadors earlier this week that there is no urgent desire among the group to conduct an immediate review.
OPEC+, which includes the world's largest oil-exporting countries and allies including Russia, is scheduled to meet on April 3. The group agreed in October to reduce oil production targets by two million barrels per day until the end of 2023.
