Oil returns higher amid spreading calm in markets

Oil prices rose on Tuesday as the dollar stabilized against most major rivals and amid spreading calm in the markets in regards to the banking system.

Otherwise, Russian deputy prime minister Alexander Novak expects Russia to achieve the target of cutting down production by 500 thousand bpd in the next few days.

In other news, the First Republic bank's stock spiked over 25% as the banking sector rebounded overall following US treasury secretary Yellen's supportive remarks for covering deposits in banks.

Investors expressed optimism as well, as JPMorgan Chase started providing counsel to the First Republic bank on strategic alternatives. 

The Fed is meeting this week to decide on policies, with most analysts expecting a 0.25% rate hike, but the Fed might surprise us and hold rates flat to calm the markets.

Otherwise, the dollar index stabilized at 103.2 as of 19:39 GMT, with a session-high at 103.5, and a low at 103.00.

Brent futures due in May rose 2.1%, or $1.53 to $75.32 a barrel. 

US crude futures due in April rose 2.5%, or $1.69 to $69.33 a barrel.