Oil rises as banking fears ease for now

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%, at $74.31 per barrel at 0910 GMT. U.S. West Texas Intermediate (WTI) also gained 52 cents, or 0.8%, trading at $68.16.

Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.

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