Oil prices soared on Tuesday as the Credit Suisse rescue allayed fears of a financial crisis that would harm economic development and reduce fuel consumption, rebounding from the lowest level in 15 months hit earlier.

With the announcement on Sunday that UBS will acquire Credit Suisse and after major central banks pledged to support the banking system and increase market liquidity, sentiment on financial markets improved.

Brent Crude edged up by 1.1% at $74.57 per barrel while US West Texas Intermediate added 1.1%, to $68.38.

Investors are now awaiting the interest rate trajectory that will reveal this week during Fed’s meeting.

Some central bank observers have also suggested that the Fed might postpone future rate increases in light of recent bank turmoil or even put off the release of new economic forecasts due to the hazy picture.

Eyes are now on the report from the American Poterleum scheduled to release today.