Crude oil futures settled higher on Monday, magnifying previous session’s rally. Export cuts by Saudi Arabia and Russia and geopolitical tensions after news about Russia's bombing of Ukrainian grain export facilities contributed to the rise in oil prices. Further, oil prices also gained on expectations of further stimulus in China. Meanwhile, the Federal Reserve's interest-rate decision is due on Wednesday, followed by the European Central Bank (ECB) on Thursday and the Bank of Japan (BOJ) on Friday.
Benchmark crude oil futures for September delivery rose $1.67 or about 2.2 percent to settle at $78.74 a barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $1.67 or about 2.05 percent to settle at $82.74 a barrel on London's Intercontinental Exchange.