Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world’s largest central banks sought to reassure and stabilize global financial markets. | Reuters
SINGAPORE – Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world’s largest central banks sought to reassure and stabilize global financial markets.
Brent crude futures rose 35 cents, or 0.5 percent to $73.32 a barrel by 0007 GMT after a near 12 percent loss last week, its biggest weekly fall since December.U.S. West Texas Intermediate crude was at $67.11 a barrel, up 37 cents, or 0.6 percent, after a 13- percent decline last week, its biggest since last April.
Switzerland’s largest bank, UBS, announced late on Sunday it will buy the country’s No. 2 lender Credit Suisse in a historic deal. Following the announcement, the U.S. Federal Reserve, European Central Bank and other major central banks pledged to enhance market liquidity and support other banks.
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