Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world's largest central banks sought to reassure and stabilise global financial markets.
Brent crude futures rose 35 cents, or 0.5%, to $73.32 a barrel by 0007 GMT after a near 12% loss last week, its biggest weekly fall since December.
Switzerland's largest bank, UBS, announced late on Sunday it will buy the country's No. 2 lender Credit Suisse in a. Following the announcement, the U.S. Federal Reserve, European Central Bank and other major central banks pledged to enhance market liquidity and support other banks. "The relief rally in broad markets may continue if the Fed softens its tone on rate hikes," she added.
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