Crude oil futures ended higher on Monday amid hopes the U.S. lawmakers will reach a debt ceiling deal soon and help the nation avoid a default. Meanwhile, the Group of Seven (G7) nations pledged at its annual leaders’ meeting to enhance efforts to counter Russia’s evasion of the price caps on its oil and fuel exports. The G7 meeting, however, upset China, the world’s biggest oil importer. State-backed Chinese newspaper Global Times called the G7 an anti-China workshop.
Benchmark crude oil futures for June delivery gained $0.44 or about 0.6 percent to settle at $71.99 a barrel on the New York Mercantile Exchange. Brent crude for July delivery rose $0.41 or 0.5 percent to settle at $75.99 a barrel on London's Intercontinental Exchange.