Crude oil prices recovered some of their lost ground on Thursday morning after a marked drop the previous day as fears spreading through the Western banking sector affected commodities.

Following a sell-off of trading positions that took commodities and equities down across the board, the decision on Wednesday evening of Switzerland’s central bank to provide new liquidity to troubled lender Credit Suisse appears to have calmed investors’ fears over an unchecked spill over effect in oil trading.

The front-month Brent futures oil contract benchmark rose above $74.4