Oil jumps over 4%, Brent crosses $78

Oil drilling rigs

Oil prices rose sharply today, March 27, as concerns on the banking crisis in the United States abated.

Oil tracked the positive turn by global equity markets as First Citizen Bank acquired a of Silicon Valley Bank.

Despite the recent recovery, oil is still heading for the largest quarterly decline since 2020, due to concerns about economic recession in the US and strong Russian production.

Brent crude rose 4.2%, or $3.13, to close at $78.12 a barrel.

WTI crude leapt 5.1%, or $3.55, to record $72.81 per barrel.