Oil Futures Recover After Early Setback, Settle Moderately Higher

Crude oil prices climbed higher on Thursday, recovering well after falling to near 15-month low earlier in the session.

Oil prices gained on reports that Saudi Arabia's energy minister and Russia's deputy prime minister met to discuss about ways to enhance market stability.

West Texas Intermediate Crude oil futures for April ended higher by $0.74 or about 1.1% at $68.35 a barrel, rallying from a low of $65.71.

Brent crude futures settled at $74.70 a barrel today, gaining $1.37 or about 1%.

Improved risk sentiment in financial markets contributed as well to the rise in oil prices. Credit Suisse reportedly secured a lifeline from Swiss National Bank.

Oil prices were also supported by reports from OPEC and the International Energy Agency that global oil demand will see an increase.

Higher crude oil stocks in OECD countries, and the European Central Bank's decision to raise interest rates by 50 basis points limited oil's uptick.

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