Crude oil futures ended sharply higher on Monday amid expectations of tightening supplies in Canada and elsewhere. According to reports, wildfires in Alberta, Canada, has resulted in the shutting down of large quantity of crude supply. As per report, close to 300,000 barrels of oil equivalent per day production was shut last week in Alberta. Also, some support came amid speculation that OPEC and allies will plan additional output cuts during the second half of the current year. Though, upside remained capped amid concerns about the outlook for demand amid fears of a potential recession in the U.S.
Benchmark crude oil futures for June delivery rose $1.07 or about 1.5 percent to settle at $71.11 a barrel on the New York Mercantile Exchange. Brent crude for July delivery added $1.06 or about 1.4 percent to settle at $75.23 a barrel on London's Intercontinental Exchange.