Oil prices climbed in early trade on Monday as concerns over turmoil in the banking sector eased, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe. Brent crude futures gained 33 cents, or 0.4%, to $75.32 a barrel at 0040 GMT. U.S. West Texas Intermediate crude was at $69.65 a barrel, up 39 cents, or 0.6%.
Brent rose 2.8% last week, while WTI rebounded 3.8% as jitters in the banking sector eased. “There has been a bounce in risk assets on the open this morning, more around the absence of any new bad banking developments over the weekend rather than any positive new developments as such,” IG analyst Tony Sycamore said. The rise in oil prices was more a relief rally and part of a correction after a 16% fall in the prior two weeks, he added.
Challenger Energy Group plc (LON:CEG) is a Caribbean and Atlantic margin focused oil and gas company, with a range of petroleum assets located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay.