Oil Rises on Demand Hopes as Banking Fears Ease

Oil Rises on Demand Hopes as Banking Fears Ease
A pump jack of Wintershall DEA is pictured in Emlichheim near the northern German city of Meppen, Germany, on March 9, 2022. Fabian Bimmer/Reuters
Reuters
Updated:

LONDON—Oil prices firmed on Friday as a meeting between Saudi Arabia and Russia calmed markets and after support measures stabilized a banking crisis that set oil prices on course for their biggest weekly fall since December.

Brent crude futures firmed by $1.09, or 1.46 percent, to $75.79 a barrel by 1040 GMT. U.S. West Texas Intermediate crude rose $1.20, or 1.76 percent, to $69.55.