Higher oil prices as bank turmoil recede

Al-Anbat - Seham Qasem

Oil prices rose in early trading on Monday, as concerns about turmoil in the banking sector eased.

According to the "Washington Post” newspaper, Brent crude futures increased by 33 cents or 0.4% to $ 75.32 per barrel. While the U.S. West Texas Intermediate (WTI) crude price was $ 69.65 a barrel, up 39 cents or 0.6%.

Brent crude rose 2.8% last week whereas West Texas crude increased by 3.8% after banking unrest calmed.

The (IG, Tony Sycamore) Company said that the rise in oil prices was a relaxed recovery and part of a correction after a 16% decline in the past two weeks.