Oil Recovers from 15-Month Low

Oil rose on Tuesday, extending a recovery from a 15-month low hit the previous day, as the rescue of Credit Suisse eased worries about global banking sector risks that could hit economic growth and fuel demand.

After jitters initially on Monday the mood across financial markets has lifted in the wake of UBS’ takeover of Credit Suisse and after major central banks said they would enhance market liquidity and support the banking system. Brent crude was up 63 cents, or 0.85%, at US$74.42 per barrel at 02.15 p.m. Saudi time. US West Texas Intermediate also gained 66 cents, or 0.98%, trading at US$68.30.