Oil prices went up on Monday due to eased concerns over the banking sector, as well as comments from Russian President Vladimir Putin increasing tensions in Europe.
Brent crude futures increased by 0.4% to $75.32 a barrel, while US West Texas Intermediate crude rose by 0.6% to $69.65 a barrel.
However, the rise was seen as a relief rally and correction after a 16% fall in the previous two weeks. Oil prices have risen once again, as tensions in the Middle East and concerns over supply disruptions continue to grip the market.
For consumers, the rise in oil prices is likely to lead to higher prices at the pump, as well as increased costs for businesses that rely on oil and gas. However, it remains to be seen how long these price increases will last, and whether they will continue to climb or stabilize at current levels.
Russia is also expected to maintain crude oil exports by cutting refinery output in April, despite a recent European Union embargo affecting exports of Russian oil products.
Investors are also watching out for China’s manufacturing and services PMIs, which could support oil prices if the data shows the recovery of the country’s economic activities.