Oil Prices Rise as Banking Sector Concerns Ease

Oil prices rose in early trading on Monday, as fears about disruptions in the banking sector subsided. Brent crude futures increased by 33 cents, or 0.4%, to $75.32 per barrel. Meanwhile, U.S. West Texas Intermediate crude rose by 39 cents, or 0.6%, to $69.65 per barrel. Brent climbed 2.8% last week, while West Texas Intermediate increased by 3.8% after banking sector disruptions calmed down. Tony Sycamore, a market analyst at IG, stated that the rise in oil prices was a comforting recovery and part of a correction following a 16% decline over the past two weeks. Prices also rebounded after Russian President Vladimir Putin announced he would deploy tactical nuclear weapons in neighboring Belarus, escalating geopolitical tensions in Europe regarding Ukraine. Regarding crude oil, Russian oil product exports have been most severely impacted by the recent EU ban, with tons of diesel on ships waiting for buyers.