2023.03.2019:19:00UTC+00Oil Futures Settle Notably Higher

After drifting lower earlier in the session, crude oil prices moved up on Monday to settle on a firm note.

Oil prices dropped to their lowest level in 15 months this morning, amid concerns the banking chaos might lead to financial crisis or a recession.

The Federal Reserve announced that it has joined with other central banks to take coordinated action to enhance the provision of liquidty through dollar liquidity swap line arrangements.

UBS agreed to acquire troubled Swiss bank Credit Suisse, and the New York Community Bank NYCB decided to buy a significant chunk of Signature Bank in a $2.7 billion deal. Despite these developments, worries about a banking crisis weighed on oil prices early on in the session.

However, oil futures settled higher with a weak dollar triggering some buying as the session progressed. The dollar eased with investors looking ahead to the Federal Reserve's monetary policy meeting.

The Fed is widely expected to raise interest rates by 25 basis points.

West Texas Intermediate Crude oil futures for April ended higher by $0.90 or about 1.4% at $67.64 a barrel.

Brent crude futures were up $0.78 or about 1.1% at $73.75 a barrel a little while ago.