Oil prices climb in relief rally as banking concerns ease

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%.