Oil extended its losses on Wednesday as Brent reached its lowest level in three months and concerns over Credit Suisse added to global markets’ fears, limiting the positive impact of oil demand recovery expectations in China. Signs of a return to calm and stability faded after the National Bank of Saudi Arabia, Credit Suisse’s biggest investor, said it could not provide more liquidity to the Swiss bank, pushing its stake and broader European stocks down. . Crude oil futures fell $1.21, or 1.6%, to $76.24 a barrel by 1135 GMT. Futures for West Texas Intermediate oil also fell $1.20, or 1.7 percent, to $70.13 a barrel. Oil prices rose earlier on figures suggesting a rebound in economic activity in China in the first two months of 2023 after the end of tight restrictions to curb the spread of Covid-19. Both benchmarks lost more than 4% on Tuesday, hitting their lowest level in three months, under pressure from fears that the collapse of Silicon Valley and another US bank will lead to a financial crisis that will affect fuel demand.
