Meanwhile, figures showed China's economic activity picked up in the first two months of 2023 after the end of strict COVID-19 containment measures. Wednesday's monthly report from the International Energy Agency flagged an expected boost to oil demand from China, a day after OPEC increased its Chinese demand forecast for 2023. (Reporting by Laura Sanicola; Editing by Edwina Gibbs)
By Laura Sanicola
March 16 - Oil prices rose in early Asian trade on
Thursday, clawing back some ground from more than one-year lows
hit in the previous session as markets calmed somewhat after
Credit Suisse was thrown a financial lifeline by Swiss
regulators.
Brent crude futures rose 85 cents, or 1.2%, to
$74.54 per barrel by 0107 GMT. West Texas Intermediate crude
futures (WTI) rose 74 cents, or 1.1%, to $68.35 a barrel.
Both benchmarks rose by more than $1 earlier in Thursday's
session.
On Wednesday, they hit their lowest levels since December
2021, having fallen for three straight days. Brent has lost
nearly 10% since Friday's close, while U.S. crude is down about
11%.
Later on Thursday, European Central Bank policymakers are
seen leaning towards a half-percentage-point rate hike as the
euro zone economy is picking up strength and inflation is set to
remain high for years.
Higher interest rates can lead to depressed demand for oil
as economic growth slows, but concerns of a deepening financial
crisis for the banking sector could also weigh on oil demand.
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