Crude oil futures ended higher on Monday amid signs of tight supply and optimism over increased demand in the U.S. and China. Further, rising expectations about an end to U.S. rate hikes, and hopes that Saudi Arabia will continue with its output reduction plan right through the month of September contributed as well to the uptick in oil prices.
Benchmark crude oil futures for September delivery rose $1.22 or about 1.5 percent to settle at $81.80 a barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $0.57 or about 0.7 percent to settle at $85.56 a barrel on London's Intercontinental Exchange.