Oil prices surged on Monday as investors evaluated government efforts to calm the concerns over the recent banking turmoil and as tensions in Europe increased in response to Russian President Vladimir Putin's intentions to station tactical nuclear weapons in Belarus.

Brent crude futures edged up by 0.4% to $75.29 per barrel while West Texas Intermediate U.S. crude advanced by 0.4% at $69.54 per barrel.

As concerns in the banking sector subsided, WTI recovered 3.8% and Brent increased 2.8% the previous week.

Putin's intentions to place tactical nuclear weapons in Belarus also helped to bolster oil prices.

Alexander Novak, the deputy prime minister of Russia, claimed that the country was near to accomplishing its goal of reducing crude production by 500,000 barrels bpd to about 9.5 million bpd.

But as it reduces refinery output in April, Russia's crude exports are anticipated to remain stable, according to information from industry sources and calculations by Reuters on Friday.