Crude oil futures rebounded from early losses and ended marginally higher on Monday as concerns about global supplies outweighed demand worries. However, oil prices dropped earlier in the day as a surge in coronavirus cases in China raised concerns about the outlook for energy demand. Besides, a soaring dollar amid rising prospects of the Federal Reserve announcing a sharper rate hike weighed as well on oil prices.
Benchmark crude oil futures for July delivery rose $0.26 or 0.2 percent to settle at $120.93 a barrel on the New York Mercantile Exchange. Brent crude for August delivery added $0.26 or 0.21 percent to settle at $122.27 a barrel on London's Intercontinental Exchange.