Crude oil futures ended higher on Monday as Libya's National Oil Corporation has signaled a potential dent in supply due to a worsening political crisis. Meanwhile, investors waited for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven (G7) nations in Germany. The prospect of even tighter supplies loomed over the market as western governments sought ways to limit Russia’s ability to fund its war in Ukraine.
Benchmark crude oil futures for August delivery rose $1.95 or 1.8 percent to settle at $109.57 a barrel on the New York Mercantile Exchange. Brent crude for August delivery surged $2.15 or 1.74 percent to settle at $115.09 a barrel on London's Intercontinental Exchange.