Crude oil futures ended higher on Monday amid optimism about vaccination rollout picking up pace and as the Organization of the Petroleum Exporting Countries and its allies' production cut agreement became effective. Saudi Arabia's unilateral move to cut crude output by 1 million barrels per day contributed as well to the jump in oil prices.
Crude oil futures for March rose $1.35 or 2.6 percent to settle at $53.55 barrel on the New York Mercantile Exchange. March Brent crude gained $1.43 or 2.6 percent to settle at $56.45 a barrel on London's Intercontinental Exchange.