Crude oil futures ended higher on Monday amid traders were looking ahead to the decision of the Organization of the Petroleum Exporting Countries and their allies, with regard to production curbs. The OPEC+ will be announcing their decision on Thursday (April 1). However, upside remained capped as the cargo ship blocking the Suez Canal was partially refloated, raising hopes the vital waterway will soon be reopened. The Ever Given, an enormous container ship almost the length of the Empire State Building, has been wedged since early last week in the canal. The authorities said they hoped the ship would soon be completely freed. Almost 15% percent of world shipping goes through the Suez Canal, which cuts through Egypt from the Mediterranean to the Red Sea.
Crude oil futures for May rose $0.59 or 1 percent to settle at $61.56 barrel on the New York Mercantile Exchange. May Brent crude gained $0.41 or 0.60 percent to settle at $64.98 a barrel on London's Intercontinental Exchange.