Oil closes 2% higher, Brent above $75

Oil drilling rigs

Oil prices closed higher today, March 21, as fears eased about the banking crisis and in anticipation of the Federal Reserve's decision.

Oil tracked financial markets higher, amid calming concerns related to the global banking sector.

Russian Deputy Prime Minister Alexander Novak said that his country expects to reach the target production cuts of 500,000 barrels per day in the coming days, with cuts continuing until the end of next June.

Investors are awaiting the Federal Reserve's monetary policy decision on March 22, in conjunction with assessing developments in the banking crisis.

Brent crude rose 2.1%, or $1.53, to close at $75.32 a barrel.

WTI crude was up 2.5%, or $1.69, at $69.33 a barrel.