17.03.202309:34:00UTC+00Oil Extends Gains As Worries Over Banking Crisis Ease

Oil prices traded higher on Friday to extend gains from the previous session after reports emerged that Saudi Arabia's energy minister and Russia's deputy prime minister met to discuss ways to enhance market stability.

A rescue package announced by a consortium of banks for First Republic Bank also reassured the public's confidence in the U.S. banking system.

Benchmark Brent crude futures rose half a percent to $75.09 a barrel, while WTI crude futures were up 0.6 percent at $68.83.

Reports indicated that energy ministers from Saudi Arabia and Russia met in Riyadh on Thursday to discuss potential action to support the crude market.

During a high-level meeting in Riyadh on Thursday, they reaffirmed their commitment to the recent OPEC+ decision to cut production until the end of 2023 and discussed the preparations for the joint committee's next meeting.

Earlier this week, both OPEC and the International Energy Agency (IEA) have forecast stronger oil demand, citing China's demand recovery following the relaxation of China's COVID-19 curbs.