Oil prices rise as recession concerns ease.

Oil prices rose on Monday as concerns over a US recession eased and market focus shifted to tightening supplies. Brent crude was up 1.8% at $76.66 a barrel, while US West Texas Intermediate crude gained 1.95% to $72.73. The recent drop in oil prices was seen as excessive, according to Ole Hansen, head of commodity strategy at Saxo Bank. A round of voluntary output cuts by some members of OPEC and allies, together called OPEC+, begin this month and the group holds its next meeting on June 4.