After early declines in Monday trading, oil prices settled higher for the day. Analysts believe concern over potential oil flow disruptions caused by a Saudi-led air strike that killed the head of the Houthi rebels in Yemen was behind the rebound.
West Texas Intermediate crude on June contracts were up 24 cents and settled at $68.64 per barrel.
Brent crude in London on the ICE Futures Europe exchange finished the day up 65 cents and settled at $74.71 per barrel.
More than one expert said the fear of geopolitical risk and the reality that supply will tighten again this week resulted in the market rebounding after earlier trading.
Reports indicated Saleh al-Sammad, a political leader of the Houthi rebels in Yemen was killed in Saudi-led air strikes, according to Al Jazeera.
As for natural gas prices on the New York Mercantile Exchange, they were up a penny and finished the day at $2.75 Mmbtu.