Crude oil futures ended higher on Monday amid hopes the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will stick to their plan to raise monthly crude production by the previously decided 400,000 barrels per day. OPEC+ is scheduled to meet on Tuesday to determine production levels for February. Further, oil's uptick was also due to reports that Libya, one of OPEC's more important oil drillers, will likely lose about 200,000 barrels daily in output over the next week because of a damaged pipeline.
Benchmark crude oil futures for February delivery gained $0.87 or 1.2 percent to settle at $76.08 a barrel on the New York Mercantile Exchange. Brent crude for March delivery rose $1.20 or 1.50 percent to settle at $78.98 a barrel on London's Intercontinental Exchange.