• Oil climbed at the start of the week as US regulators moved to assure depositors their money is safe following trouble in the banking sector, easing concerns about the turmoil rippling across markets.
• West Texas Intermediate rose for a second day toward $77 a barrel. Treasury Secretary Janet Yellen approved the actions, which enable the Federal Deposit Insurance Corp. to resolve Silicon Valley Bank “in a manner that fully protects all depositors,” according to a joint statement with the Fed and FDIC.
• Oil has had a bumpy year, whipsawed by concerns over more rate hikes and optimism around China’s economic recovery. Consumption will probably hit a record of 102 million barrels a day by the end of 2023, Saudi Aramco Chief Executive Officer Amin Nasser said Sunday, after the company reported a blowout annual profit and unexpectedly raised dividends.