Oil prices rose again today as some of the banking concerns in the US market are easing. Credit Suisse was the latest bank to get rescued and the Fed has announced new measures to backstop the financial system. “Fears of a banking crisis and a recession have eased, brightening the oil demand outlook at least for now,” said Fiona Cincotta, Senior Financial Markets Analyst at City Index. The U.S. Federal Reserve started its monetary policy meeting today and markets expect a rate hike of 25 basis points, down from previous expectations of a 50 bps increase. Some top central bank watchers have said the Fed could pause further rate hikes or delay releasing new economic projections. WTI traded up $1.69 or 2.5% to close at $69.33. Brent traded up $1.53 or 2.1% to close at $69.33.<\/p>\n\n\n\n
Oil prices rose again today as some of the banking concerns in the US market are easing.<\/p>\n","protected":false},"author":2,"featured_media":8776,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-9053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n