New York West Texas Intermediate (WTI) crude futures closed more than 2% higher on Tuesday (March 21), marking the second straight day of closing in positive territory following news that UBS had reached a deal. The news helped ease investor concerns that the banking crisis would hurt the economy and demand for oil.
The WTI crude oil contract will be introduced in April. It rose $1.69, or 2.5%, to close at $69.33/barrel.
The Brent crude oil contract (BRENT) will be introduced in May. It was up $1.53, or 2.1%, at $75.32 a barrel.
Investors ease concerns about a banking crisis After UBS Bank reached an agreement to acquire Credit Suisse in the amount of 3 billion Swiss francs ($3.23 billion) under cooperation between the Swiss central bank. The Swiss Government and the Swiss Financial Market Supervisory Authority. This helps Credit Suisse avoid financial crises.
Meanwhile, 11 major Wall Street banks, including JPMorgan and Goldman Sachs, announced a combined injection of $30 billion. To add liquidity to the First Republic Bank (First Republic Bank) or FRB, the US regional bank.
Investors are keeping an eye on the outcome of the Fed meeting on Wednesday (March 22) US time or precisely in the early hours of Thursday (March 23) Thai time. The Fed will raise interest rates by 0.25% in this round of meetings. This reflects the Fed’s confidence in dealing with crises in the banking system. And the Fed will continue to focus on preventing inflation.
In addition, investors also keep an eye on the weekly crude stock report. The US Energy Information Administration (EIA) is scheduled to release the information today at 9:30 pm Thai time.
