• Oil rose from its lowest close in three months as traders took stock of the outlook for demand amid turmoil in the US banking sector.
• West Texas Intermediate climbed toward $72 a barrel after losing 7% over the previous two sessions.
• The market is facing the prospect of another interest-rate hike next week from the Federal Reserve after inflation gained, despite the collapse of Silicon Valley Bank reverberating across global markets.
• Oil has endured a bumpy year, whipsawed by aggressive monetary tightening from the Fed and optimism around China’s demand recovery after the world’s top crude importer ended COVID Zero. The market is facing a period of softness in the second quarter, with OPEC forecasting a modest surplus.
• The International Energy Agency is scheduled to release its monthly market report later Wednesday, providing the market with a snapshot on the demand and supply outlook. US inventory data is also expected.