Crude oil futures ended higher on Monday as investors grew optimistic that holiday travel in China would boost fuel demand in the world’s largest oil importer. According to reports, booking in China for trips abroad during the upcoming May Day holiday indicate a recovery in travel to Asian countries. Further, reports that OPEC and its allies are planning additional supply cuts contributed to the rise in oil prices.
Benchmark crude oil futures for June delivery rose $0.89 or 1.1 percent to settle at $78.76 a barrel on the New York Mercantile Exchange. Brent crude for June delivery surged $1.07 or 1.31 percent to settle at $82.73 a barrel on London's Intercontinental Exchange.