Oil rebounds from 15-month lows as Credit Suisse given lifeline

Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse was thrown a financial lifeline by Swiss regulators.

On Wednesday, the third straight day of declines, US crude fell below $70 a barrel for the first time since December 20, 2021.Credit Suisse on Thursday said it would borrow up to $54bn from the Swiss central bank to shore up its liquidity and investor confidence after a slump in its shares intensified fears about a global financial crisis.

Opec increased its Chinese demand forecast for 2023 earlier this week and a monthly report from the International Energy Agency on Wednesday flagged an expected boost to oil demand from resumed air travel and China’s economic reopening after abandoning its zero-Covid policy.The IEA said in the report that commercial oil stocks in developed OECD

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