Crude oil opened higher in the opening trade earlier in the week after an insurgency by Russian mercenaries sparked fears of political instability and its potential impact on oil prices.
U.S. Brent and WTI crude futures each jumped 1.3% in early Asian session, before paring some gains to trade at $74 a barrel and $69 a barrel on Monday.
On Saturday, President Vladimir Putin was threatened by the rebellion of the Wagner group led by Yevgeny Prigozhin against the Russian army.
As one of the world's largest producers of oil, the uncertainty in Russia has fueled fears that production of the black commodity is the reason why prices opened higher today.
The advance of Wagner's group, which was feared to take control of Moscow and overthrow Putin, was halted after Prigozhin suddenly announced that the armed uprising was over.
Both benchmarks fell about 3.6% last week following concerns that further interest rate hikes by the Federal Reserve (Fed) could reduce oil demand.
This coupled with China's slow recovery forced the government and central bank to launch stimulus to support the growth of the world's second giant economy.
