Crude oil futures ended higher on Monday on optimism energy demand from China will see a significant increase. A report from the International Energy Agency (IEA) said about half of this year’s global oil demand growth will come from China. Further, reports about Saudi Arabia unexpectedly increasing the prices of oil that will be shipped to Asia contributed significantly to the positive close of the contract. Besides, oil prices were supported by concerns about supply following a major earthquake in Turkey forcing an oil terminal in Ceyhan to shut down.
Benchmark crude oil futures for March delivery rose $0.72 or 1 percent at $74.11 a barrel on the New York Mercantile Exchange. Brent crude for April delivery surged $1.28 or 1.6 percent at $81.22 (Provisional) a barrel on London's Intercontinental Exchange.