Crude oil futures ended sharply higher on Monday on concerns over gas supply from Russia. Further, a weak dollar contributed significantly to the jump in oil prices. The dollar index dropped to 106.89 before recovering to 107.30, but still remained firmly down with a loss of more than 0.6%. Meanwhile, US President Joe Biden, who visited the Middle East, returned without getting assurances from key producer Saudi Arabia to boost oil supply. Saudi’s foreign minister reportedly said that there was no discussion on oil at the US-Arab summit and that OPEC+ would continue to assess market conditions and what is necessary.
Benchmark crude oil futures for August delivery rose $5.01 or 5.1 percent to settle at $102.60 a barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $5.11 or 5 percent to settle at $106.27 a barrel on London's Intercontinental Exchange.