Oil prices climbed on Tuesday to post a second straight session gain. Prices have bounced back sharply off their recent lows as “risk sentiment improved following the coordinated actions of major central banks at the weekend and UBS’s takeover of Credit Suisse, said Fawad Razaqzada, market analyst at City Index and FOREX.com. Still, oil prices had been trending lower for months, and their “breakdown last week from a multi-week consolidation pattern suggests there may be more downside potential in oil prices,” he said. For now, “news that Russia has decided to keep its oil production at a reduced level through June and calmer market conditions has helped to keep prices in the positive territory.” On the contract’s expiration day, April West Texas Intermediate crude CLJ23 rose $1.69, or 2.5%, to settle at $69.33 a barrel on the New York Mercantile Exchange. May WTI CLK23 settled at $69.67, up $1.85, or 2.7%.
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