Thailand’s Baht Steady as Oil Price Rises on Middle East Unrest

Thailand’s baht was steady, erasing its earlier losses, as political turmoil in the Middle East pushed up oil prices, raising concern global economic growth will slow.

Crude for April delivery rallied past $100 a barrel and U.S. Federal Reserve Chairman Ben S. Bernanke said yesterday a sustained jump in the price of oil threatened to cause slower growth and higher inflation. Rising commodity costs resulted in Thailand’s current-account surplus shrinking to $1.09 billion in January from $1.75 billion in December, the central bank said last month. The country has increased borrowing costs four times since June.