Brent crude futures prices rose 2.8% last week, while US crude futures rose 3.8%, after the two crudes recorded their biggest decline in months in the previous week.
The rise in oil prices came after banking sector turmoil subsided, and bank stocks in Europe fell as Deutsche Bank and UBS Group were hit hard by fears of continuing the worst problems in the sector since the 2008 financial crisis.
US Treasury Secretary Janet Yellen held a meeting that was not previously on the agenda of the Financial Stability Monitoring Board last Friday.
The dollar rose 0.6% against other currencies, making crude oil more expensive for holders of other currencies.
And the White House announced in October that it would buy back oil for the Strategic Petroleum Reserve when prices were in the range of $67-72 a barrel or lower.
Granholm told members of the House of Representatives that it will be difficult to take advantage of low oil prices this year to increase stocks, which are currently at the lowest level since 1983 after sales directed by President Joe Biden last year.
Oil received some support due to expectations of a recovery in demand from China, as the Goldman Sachs group said that demand for primary commodities is rising in China, the world's largest oil importer, with oil demand exceeding 16 million barrels per day.
Meanwhile, Russian Deputy Prime Minister Alexander Novak said, "The previously announced reduction in Russia's oil production will be 500,000 barrels per day from the production level of 10.2 million barrels per day in February," RIA Novosti news agency reported.
This means that Russia aims to produce 9.7 million barrels per day from March to June, according to Novak, which would be a much smaller production cut than Moscow previously indicated.
Okaz (Jeddah) @okaz_online