Crude oil prices get support as Banking starts rebound but remains fragile

Crude oil prices moved in a small range in early Asian trading on Tuesday. Oil markets were paying attention to developments in the banking collapse as well as to supply issues and signs of a strengthening demand.

At 12:00 GMT, the price of Brent crude futures dropped 2 cent to $78.10 a barrel.

The news on Monday that First Citizens BancShares Inc. would acquiring the deposits and loans of the defunct Silicon Valley Bank sparked hope for the future of the banking industry.

Which has shaken up the stock market. According to reports, U.S. officials are currently in the planning stages of increasing emergency lending facilities.

According to survey, the nation’s crude oil stockpiles were predict to increase by nearly 200,000 barrels last week.