The price of oil rose Monday, although last week's sharp declines still loomed.
Benchmark U.S. oil rose 75 cents to $83.98 per barrel in New York. It fell $7.63, or 8.4 percent, last week as gloomy economic data from the U.S., China and Europe raised questions about the strength of demand for oil and other energy-related products.
Monday's gains followed support by the German chancellor for a European banking union. That pushed the euro higher against the dollar. A decline in the dollar makes oil cheaper for holders of foreign currency.
Still, the fundamentals aren't in oil's corner.