Crude oil futures ended sharply higher on Monday as hopes about the outlook for energy demand outweighed disappointing industrial data from China. Traders picked up the commodity on expectations of increased gasoline demand during the summer driving season. On the geopolitical front, investors fretted about a wider Middle East war after the Israeli military warned that intensified cross-border fire from Lebanon’s Hezbollah terror group into Israel could trigger serious escalation.
Benchmark crude oil futures for July delivery rose by $1.88 or 1.25% to settle at $80.33 a barrel on the New York Mercantile Exchange. Brent crude for August delivery was up $1.63 or about 2% to $84.25 per barrel on London's Intercontinental Exchange.