LONDON—Oil rose on Tuesday, extending a recovery from a 15-month low hit the previous day, as the rescue of Credit Suisse eased worries about global banking sector risks that could hit economic growth and reduce fuel demand.
Sentiment across financial markets has improved after the UBS takeover of Credit Suisse, announced on Sunday, and after major central banks said they would enhance market liquidity and support the banking system.
Brent crude was up $1.35, or 1.8 percent, at $75.14 a barrel by 1342 GMT. U.S. West Texas Intermediate (WTI) gained $1.11, or 1.6 percent, to $68.75.
“Banking jitters may have taken a breather yesterday but remain in play,” said Stephen Brennock of oil broker PVM….