Magnifying their previous sessions’ gains, Crude oil futures ended higher on Monday lifted by leading oil producers' decision to cut output, and rising optimism about a big stimulus from the Joe Biden administration. The Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to extend production cuts till March. Saudi Arabia's decision to cut supply in February and March by 1 million barrels per day contributed as well to the bullish sentiment in the oil market. Amid tighter global supplies, optimism about a pick-up in energy demand, and data showing a drop in new coronavirus cases, further supported oil prices.
Crude oil futures for March rose $1.12 or 2 percent to settle at $57.97 barrel on the New York Mercantile Exchange. April Brent crude gained $1.22 or 2.1 to settle at $60.56 a barrel on London's Intercontinental Exchange.