Oil jumps as supply disruptions add to broader market optimism
BNN Bloomberg
Oil surged to the highest in about two weeks as supply disruptions in Turkey added to broader market optimism that a wider banking contagion may be avoided.
The purchase of Silicon Valley Bank by First Citizens BancShares Inc. eased concerns that banking-sector turmoil may spill over into a wider crisis. Meanwhile, a legal dispute between between Iraq, its semi-autonomous region of Kurdistan and Turkey halted about 400,000 barrels a day of crude exports, and French refineries are running at a fraction of normal capacity amid strikes to protest the government’s pension reforms.
“Crude is experiencing a nice bounce today as a sense of calm in financial markets has stemmed the bleeding of liquidations across the crude complex,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth.
