Crude oil futures ended higher on Monday, extending gains to a fifth session, amid tighter supplies and signs of rising demand for oil in several countries across the world. Recent data showed US oil inventories have dropped by 16% year-on-year, and are nearly 23% lower than the level seen in June 2020. On the supply front, OPEC and its allies are looking to increase their output gradually. The group is reportedly finding it difficult to raise output as under-investment or maintenance delays persist from the pandemic.
Benchmark Crude oil futures October delivery rose $1.47 or 2 percent to settle at $75.45 barrel on the New York Mercantile Exchange. Brent crude for November delivery gained $1.44 or 1.8 percent to settle at $79.53 a barrel on London's Intercontinental Exchange.