Oil prices rebounded on Monday as concerns over slowdown in the economy, which pushed prices downwards for three weeks in a row for the first time in six months, began to fade.

Brent crude futures advanced by 0.6%, at $75.73 per barrel meanwhile West Texas Intermediate crude futures added 0.6% at $71.79 per barrel.

Worries that the banking crisis in the United States may lead to recession and reduce gasoline consumption in the world's largest oil-consuming country drove the Brent benchmark down 5.3% last week, while WTI fell 7.1%.

This week, traders will pay close attention to numerous economic indicators in China such as trade, inflation, lending, and money supply numbers for April, as market participants kept on assessing a revive in the economy.

On Wednesday, the United States is anticipated to release consumer price inflation numbers for April, which could provide additional indications on interest rate actions amid widespread anticipation that the United States Federal Reserve will suspend rate hikes.