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Brent crude futures were up 74 cents, or 1%, at $75.73 a barrel
by 0900 GMT. West Texas Intermediate U.S. crude was up 70 cents,
or 1%, at $69.96.
Brent rose 2.8% last week while WTI rebounded 3.8% as jitters in
the banking sector eased.
"Near-term oil prices are likely to remain volatile, influenced
by the current financial market turmoil, but we retain a
positive outlook," said UBS analyst Giovanni Staunovo.
"We continue to expect rising Chinese crude imports and demand,
plus lower Russian production, to tighten up the oil market and
lift prices over the coming quarters."
First Citizens BancShares Inc said it will acquire the deposits
and loans of failed Silicon Valley Bank, closing one chapter in
the crisis of confidence that has ripped through financial
markets.
There are also hopes for extra support for bank funding after
reports that U.S. authorities were in early deliberations about
expanding emergency lending facilities.
Oil prices also drew support from Putin's plans to station
tactical nuclear weapons in Belarus.
The move is one of Russia's most pronounced nuclear signals yet
and a warning to NATO over its military support for Ukraine,
which has called for a meeting of the U.N. Security Council in
response. NATO slammed Putin for what it called his "dangerous
and irresponsible" nuclear rhetoric.
Russia's Deputy Prime Minister Alexander Novak has said that
Moscow is close to achieving its target of cutting crude output
by 500,000 barrels per day (bpd) to about 9.5 million bpd.
But Russia's crude exports are expected to remain steady as it
cuts refinery output in April, data from industry sources and
Reuters calculations showed on Friday.
Russia's oil products exports have been hit harder than its
crude exports by a recent European Union embargo, with tonnes of
diesel stuck on ships awaiting buyers.
(Reporting by Noah BrowningAdditional reporting by Mohi Narayan
in New Delhi and Florence Tan in SingaporeEditing by Jason Neely
and David Goodman)
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