Oil edges up on historic Swiss banks deal, central banks support

SINGAPORE : Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world's largest central banks sought to reassure and stabilise global financial markets.

U.S. West Texas Intermediate crude was at $67.11 a barrel, up 37 cents, or 0.6 per cent, after a 13 per cent decline last week, its biggest since last April. The Swiss bank deal and central banks’ measures to inject liquidity into the markets are restoring market confidence, leading to a relief rally in risk assets, including the crude markets, CMC Markets analyst Tina Teng said.

Investors are pricing a 60 per cent probability that the Fed will raise rates by 25 basis points on Wednesday, but some executives are calling on the central bank to pause its monetary policy tightening for now but be ready to resume raising rates later.

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