Oil markets recoup some losses on Credit Suisse news

— Oil prices clawed back some ground on Thursday after touching 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, WTI fell below $70 a barrel for the first time since December 20, 2021. Brent has lost almost 10% since Friday’s close while WTI is down about 11%. Those fears could crowd out inflation worries when European Central Bank policymakers meet later on Thursday, possibly forcing them to ditch plans for a hefty interest rate hike that could slow economic growth and dent oil demand.

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