Oil prices rise as recession concerns ease.

Oil prices rose on Monday as U.S. recession fears eased and traders viewed the recent price slide as overdone. Brent crude was up 1.9% at $76.71 a barrel, while U.S. West Texas Intermediate crude gained 2.1% to $72.84. Goldman Sachs analysts said concerns over near-term demand and elevated supplies were "overblown". OPEC's latest monthly oil market report is due on Thursday, providing an updated reading on the demand and supply outlook.