International oil prices have rebounded due to renewed military tensions in the Middle East and the impact of China's interest rate cuts.
West Texas Intermediate crude for next month delivery rose 1.94% to settle at $70.56 a barrel on the New York Mercantile Exchange.
Brent crude for December delivery also rose 1.68% to close at $74.29 a barrel, crossing the $74 mark again in two trading days.
Market experts analyzed that the situation in the Middle East has become tense again as Israeli Prime Minister Netanyahu's home was attacked by a drone over the weekend, affecting investor sentiment.
It also showed expectations for future demand growth as China, the world's largest importer of crude oil, cut its lending preferential rate, which serves as its benchmark rate, by 0.25 percentage point.
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