Crude oil futures ended higher on Monday on rising optimism about outlook for energy demand. Oil prices rose as positive signs for global economic growth supported the outlook for energy demand and the United States said it was weighing options to address high prices. Strong US jobs data, a bigger than expected increase in China's exports in October, and the passage of the infrastructure bill in the US have raised hopes that energy demand will see a marked surge in coming weeks. Meanwhile, Saudi's state-owned producer Aramco's decision to raise the official selling price for its crude to customers in Europe, Asia and United States suggest that demand remains strong.
Benchmark crude oil futures for December delivery rose $0.66 or 0.8 percent to settle at $81.93 a barrel on the New York Mercantile Exchange. Brent crude for January delivery surged $0.90 or 1.1 percent to settle at $83.64 a barrel on London's Intercontinental Exchange.