Crude oil futures ended sharply higher on Monday as inconclusive negotiations with Iran on the nuclear deal issue and reports forecasting a possible hurricane in the Gulf of Mexico eased concerns about any excess supply in the market. Further, a weak dollar, and expectations of a surge in energy demand amid easing travel restrictions in the US and Europe supported oil's uptick. Besides, recent upbeat data like strong manufacturing and services sector reports from the US and some major European economies helped as well.
Crude oil futures for July surged $2.47 or about 3.9 percent to settle at $66.05 barrel on the New York Mercantile Exchange. July Brent crude jumped $1.97 or nearly 3 percent to settle at $68.32 a barrel on London's Intercontinental Exchange.