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, U.S. crude fell below $70 a barrel for the first time since Dec. 20, 2021.“Considering is really macro-driven rather than oil fundamentals-driven, WTI could flirt with the idea of bottoming out at $60. But I don’t really see a full-blown collapse,” said Viktor Katona, lead crude analyst at data analytics firm Kpler.
OPEC’s rosier outlook for China oil demand also supported oil prices, said Lim Tai An, analyst at Phillip Nova Pte.
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