Crude oil futures ended higher on Monday on hopes energy demand will pick up soon as the US and European economies are showing signs of a quick recovery from the pandemic. A private report said that the UK will be relaxing some social restrictions supported oil prices. France and Spain have reportedly relaxed COVID-related restrictions. Travel restrictions have been relaxed in Netherlands and Portugal as well. Further, with climbing vaccinations and dwindling virus cases in the US, investors expect increased demand for gasoline in the world's largest economy in the coming weeks. Meanwhile, traders were also tracking reports from the Middle East, where Israel and Gaza's ruling Hamas militant group faced mounting international calls for a ceasefire in hostilities that entered their second week with no end in sight.
Crude oil futures for June rose $0.90 or about 1.4 percent to settle at $66.27 barrel on the New York Mercantile Exchange. July Brent crude gained $0.79 or 1.15 percent to settle at $69.50 a barrel on London's Intercontinental Exchange.