Crude oil futures ended higher on Monday rebounding from early losses as investors weighed Russia plans to cut crude production and short-term demand concerns ahead of U.S. inflation data. Meanwhile, tanker loadings of crude oil from Azerbaijan at the Mediterranean terminal of Ceyhan have resumed, helping ease supply concerns. The operation of the Turkish oil terminal was suspended due to the earthquake that occurred on February 6.
Benchmark crude oil futures for March delivery rose 42 cents or about 0.5 percent to settle at $80.14 a barrel on the New York Mercantile Exchange. Brent crude for April delivery gained 22 cents or about 0.3 percent to settle at $86.61 (provisional) a barrel on London's Intercontinental Exchange.
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