Oil prices rebound as Saudi Arabia, Russia calm markets

MG News | March 17, 2023 at 03:01 PM GMT+05:00

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March 17, 2023 (MLN): Oil prices rebounded by approximately 1% on Friday following a meeting between Saudi Arabia and Russia that calmed markets amid strong expectations for demand from China, as Reuters reported.

Brent crude futures rose by 81 cents to $75.51 a barrel, having snapped three days of losses to settle 1.4% higher on Thursday.

Similarly, US West Texas Intermediate crude climbed 78 cents to $69.13 a barrel, after closing 1.1% higher in the previous session.

Both contracts hit their lowest levels in over a year this week and are set to post their biggest weekly falls since December at about 10%.

The collapse of Silicon Valley Bank and Signature Bank sent the US and Swiss governments scrambling to shore up liquidity at banks, undercutting oil and other global assets.

However, analysts’ expectations on China’s demand recovery supported the end-week price rebound, with US crude exports to China in March headed for their highest in nearly two and a half years.

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ALLSHR	108,600.94 844.23M	1.00% 1073.54
KSE30	53,548.42 162.02M	0.99% 525.53
KMI30	256,725.70 154.74M	0.76% 1936.43
KMIALLSHR	70,620.69 563.61M	0.98% 683.55
BKTi	48,625.03 36.31M	1.37% 658.39
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Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	61,145.00	61,900.00 60,590.00	1310.00 2.19%
BRENT CRUDE	73.10	73.51 72.06	-0.64 -0.87%
RICHARDS BAY COAL MONTHLY	115.00	0.00 0.00	0.50 0.44%
ROTTERDAM COAL MONTHLY	126.25	126.25 126.25	0.35 0.28%
USD RBD PALM OLEIN	1,135.00	1,135.00 1,135.00	0.00 0.00%
CRUDE OIL - WTI	69.78	70.21 68.90	-0.56 -0.80%
SUGAR #11 WORLD	14.10	14.12 13.86	0.08 0.57%