Crude oil futures ended higher on Monday as a dip in the US dollar. Further, oil prices got support as concerns about outlook for energy demand eased slightly on news new Covid-19 cases in China dropped to the lowest level in more than a week. Meanwhile, Libya’s National Oil Corporation said it aimed to bring back production to 1.2 million barrels per day (bpd) in two weeks, from around 860,000 bpd, many are of the view that output from Libya will likely remain volatile due to tensions over clashes between rival political factions over the weekend.
Benchmark crude oil futures for September delivery surged $2.00 or about 2.1 percent to settle at $96.70 a barrel on the New York Mercantile Exchange. Brent crude for September delivery rose $1.94 or 1.9 percent to settle at $105.15 a barrel on London's Intercontinental Exchange.