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 52 cents, or 0.7 per cent, at $74.31 per barrel at 0910 GMT. U.S. West Texas Intermediate (WTI) also gained 52 cents, or 0.8 per cent, trading at $68.16.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.