Oil prices rose in early trading today, as concerns about turmoil in the banking sector receded. Brent crude futures rose 33 cents, or 0.4 percent, to $75.32 a barrel by 00:40 GMT.
The price of US West Texas Intermediate crude was $69.65 a barrel, up 39 cents, or 0.6 percent. Brent rose 2.8 percent last week, while West Texas crude rose 3.8 percent after banking sector turmoil subsided, reports Al-Rai daily.
Tony Sycamore, market analyst at IG, said the rise in oil prices was a comfortable recovery and part of a correction after a 16 percent drop in the past two weeks. Prices also rebounded after Russian President Vladimir Putin said he would deploy tactical nuclear weapons in neighboring Belarus, escalating geopolitical tensions in Europe over Ukraine.
Russian Deputy Prime Minister Alexander Novak said on Friday that Moscow is very close to achieving its goal of reducing crude production by 500 thousand barrels per day to about 9.5 million barrels per day.
Data from industry sources and Reuters accounts showed on Friday that Russia plans to reduce refinery operations in April, allowing it to maintain crude oil exports while adhering to previously announced production cuts.
Looking at crude oil, Russian oil product exports have been hit hardest by far by the recent EU embargo, with tons of diesel on board ships waiting for buyers.