RIYADH: Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse was thrown a financial lifeline by Swiss regulators.
However, battered by fears of growing stress on banks worldwide, market sentiment remained fragile with both benchmarks giving up some early Thursday gains that saw Brent climb by more than $1.
Brent crude futures were up 60 cents or 0.81 percent to $74.29 per barrel at 10.55 a.m. Saudi time. West Texas Intermediate crude futures rose 47 cents or 0.7 percent to $68.08 a barrel.
On Wednesday, the third straight day of declines, US crude fell below $70 a barrel for the first time since Dec. 20, 2021.
Brent has lost nearly 10 percent since Friday’s close, while US crude is down about 11 percent.
Berkshire Hathaway buys more Occidental shares
Warren Buffett’s Berkshire Hathaway Inc. purchased more Occidental Petroleum Corp. shares, increasing its stake in the oil company to about 23.1 percent, a regulatory filing showed on Wednesday.
Berkshire paid about $466.68 million for 7.9 million Occidental shares between March 13 and March 15, according to the filing.
Earlier this month, filings revealed that Berkshire Hathaway had resumed its purchases of Occidental Petroleum Corp. shares after a five-month hiatus.
The Omaha, Nebraska-based company now owns about 208.04 million Occidental shares worth $11.81 billion, based on Wednesday’s closing price of $56.80.
IAE report shows G7 oil price cap is cutting Russian revenues: US Treasury
A report from the International Energy Agency shows that the price cap on Russian oil imposed by the Group of Seven rich nations and Australia is working to curtail Russian revenues, but keep markets flowing, a Treasury spokesperson said.
“Today’s IEA report underscores that the price cap is working in achieving its dual goals: limiting Russian revenues and its ability to fund its war while keeping energy markets well-supplied,” spokesperson Megan Apper said.
She said the report shows that the price cap has helped cut Russian energy tax revenues – the Kremlin’s key source of revenue – by 42 percent since last February.
(With input from Reuters)