Oil prices rose slightly today. Fears of a further rise in interest rates that could hurt demand.

Brent rose 8 cents to $84.26 per barrel at 0004 GMT, while the American West Texas Intermediate gained 11 cents to $79.85 per barrel. This week, investors are waiting for a series of reports on inflation, oil demand, and supply. After U.S. employment data indicated a tight labor market, raising expectations of another Federal Reserve rate hike that could curb oil demand, oil prices fell on Monday after rising for three consecutive weeks.

Oil futures have soared by more than 5% since the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, surprised the market last week by announcing another round of production cuts & agrave; starting in the month of May.