Oil rose from its lowest close in three months as traders took stock of the outlook for demand amid turmoil in the U.S. banking sector.
Oil rose from its lowest close in three months as traders took stock of the outlook for demand amid turmoil in the US banking sector.
The market is still facing another interest-rate hike from the Federal Reserve next week after U.S. inflation gained, despite the collapse of Silicon Valley Bank leading to turmoil across the banking sector. Oil has endured a bumpy year, whipsawed by aggressive monetary tightening from the Fed and optimism around China's demand recovery. Further gains may be constrained in the near term, with OPEC forecasting a modest surplus in the second quarter, a typical period of soft demand prior to the summer.
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