The price of oil dropped by more than $3 a barrel as traders bet that crude oil futures prices would stay below $70 a barrel.
But the slide has reversed course.
The dollar has climbed against a basket of currencies, including the Japanese yen, the euro and the British pound.
The drop in crude prices was fueled by an increase in domestic demand.
Brent crude futures fell to $66.90 a barrel from $71.30 a barrel on Friday.
But it rose to $73.30 on Monday.
Oil is a major component of global energy exports.
The Brent crude price is a proxy for the price of a barrel of oil.
The average price of U.S. crude oil has been on a tear for the past year, and has surpassed the $90 a gallon mark.
Brent has been surging.
Brent futures have risen about 30 percent from the day before.