Crude oil futures ended sharply higher on Monday amid optimism about the outlook for energy demand. Meanwhile, investors looked ahead to demand forecasts from the Energy Information Administration (EIA) and the Organization of Petroleum Exporting Countries (OPEC), on Tuesday. The EIA's weekly inventory data is due on Wednesday. Markets were also awaiting the Federal Reserve's monetary policy announcement. The Fed is widely expected to hold rates unchanged. The accompanying statement is in focus for clues about the central bank's future policy moves.
Benchmark crude oil futures for July delivery higher $2.21 or 2.9% to settle at $77.74 a barrel on the New York Mercantile Exchange. Brent crude for August delivery was up $2.16 or about 2.71% to $81.63 per barrel on London's Intercontinental Exchange.