Crude oil futures ended sharply higher on Monday on supply jitters following the continued closure of a pipeline carrying Canadian heavy crude to the U.S. Gulf Coast of Mexico. It is not known as yet as to how long it will take TC Energy Corp to restart its Keystone oil pipeline that was shut after more than 14,000 barrels of oil leaked on the line last week. Meanwhile, traders also looked ahead to the consumer price inflation data, and the Federal Reserve's monetary policy meeting.
Benchmark crude oil futures for January delivery surged $2.15 or 3 percent at $73.17 a barrel on the New York Mercantile Exchange. Brent crude for February delivery rose $1.89 or 2.5 percent to settle at $77.99 a barrel on London's Intercontinental Exchange.