Oil prices crept up on Monday, correcting a dismal start as resurgence in Chinese demand and a weaker dollar supported a market that had been shaken by the possibility of more hikes in U.S. interest rates.

Brent crude futures edged up by 0.30% to $83.03 per barrel while West Texas Intermediate crude futures climbed by 0.30% to $76.91 per barrel.

According to ANZ Bank analysts on Monday, market sentiment was shaky as concerns about future monetary tightening by the Fed have been made worse by rising crude oil stockpiles in the U.S.

A selloff in American assets occurred at the end of last week, which also put downward pressure on the dollar. This selloff was prompted by the failure of Silicon Valley Bank and New York-based Signature Bank as well as worries about possible contagion.

Amin Nasser, the CEO of Saudi Aramco, made some supportive remarks regarding Chinese demand for crude oil on Sunday, shoring up oil prices.