Crude oil futures ended higher on Monday on possible disruptions in supply due to mounting political tensions in Europe and the Middle East. Oil prices also rosee amid signs that OPEC and allies won't meet their production targets. The Organization of the Petroleum Exporting Countries and its Russian-led allies, a group known as OPEC+, will meet this week. OPEC+ has so far stuck to a timetable that has seen it add 400,000 barrels a day to output in monthly increments, though members have struggled to meet the increased quotas. On the geopolitical front, after the United Kingdom warned it was highly likely that Russia, the continent's biggest natural gas supplier, was looking to invade Ukraine in lightening war, the head of NATO has said Europe needs to diversify its energy supplies. As the EU depends on Russia for nearly one third of its gas supplies, any interruption would exacerbate an existing energy crisis caused by a shortage.
Benchmark crude oil futures for March delivery rose $1.33 or about 1.5 percent to settle at $88.15 a barrel on the New York Mercantile Exchange. Brent crude for April delivery gained $0.74 or 0.80 percent to settle at $89.26 a barrel on London's Intercontinental Exchange.