Investing.com — Oil prices rose slightly on Monday as a brewing banking crisis in the U.S. spurred expectations that the Federal Reserve will soften its hawkish rhetoric in the coming months, although caution still persisted over a potential economic fallout.

Oil markets benefited from weakness in the dollar, after the Fed and other U.S. regulators intervened over the weekend to restore faith in the U.S. banking system following the collapse of Silicon Valley Bank (NASDAQ:SIVB).

Brent oil futures rose 0.2% to $82.99 a barrel, while West Texas Intermediate crude futures rose 0.2% to $79.92 a barrel by 22:54 ET (03:54 GMT).