Oil prices rebound after prior week's selloff

Oil prices rose on Monday, reclaiming some of the massive losses they had suffered in the previous week.

The West Texas Intermediate for April delivery increased 90 cents, or 1.35 percent, to settle at 67.64 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery added 82 cents, or 1.12 percent, to close at 73.79 dollars a barrel on the London ICE Futures Exchange.

Oil prices have been struggling recently as banking turbulence in the United States and Europe amplified recession fears.

For the week ending Friday, the U.S. crude benchmark tumbled 13 percent, while Brent dropped 11.9 percent, based on the front-month contracts.