Baghdad Oil prices rose in early Asian trading, retreating somewhat from their lowest levels in more than a year, which they reached in the previous session, as markets calmed down somewhat after Swiss regulators threw a financial lifeline into Credit Suisse (CSGN.S).

Brent crude futures rose 50 cents, or 0.68%, to $74.19 a barrel by 04:07 GMT, and West Texas Intermediate crude futures rose 42 cents, or 0.42%, to $68.03 a barrel.

Yesterday, Wednesday, prices reached their lowest levels since December 2021, after falling for three consecutive days. Brent has lost nearly 10% since Friday's close, while US crude has fallen about 11%.

Later on Thursday, ECB policymakers are expected to lean towards a half percentage point hike as the eurozone economy regains strength and inflation is likely to remain high for years.

Higher interest rates could lead to lower demand for oil as economic growth slows, but fears of an exacerbation of the financial crisis for the banking sector could also affect oil demand.

Meanwhile, the figures showed a recovery in Chinese economic activity in the first two months of 2023 after the end of the measures to contain the Coronavirus./ End

Source: National Iraqi News Agency