Crude oil futures ended higher on Monday on account of weaker dollar. The dollar was weak ahead of the Federal Reserve's monetary policy announcement on Wednesday. The Fed is widely expected to lower interest rate, but it is the size of reduction that is in focus. Besides, on the supply front, nearly 20% of Gulf of Mexico oil production reportedly remains offline due to Hurricane Francine.
Benchmark crude oil futures for October delivery rose $1.44 or 2.09 percent to settle at $70.09 a barrel on the New York Mercantile Exchange. Brent crude for November delivery surged $1.14 or 1.59 percent to settle at $72.75 a barrel on London's Intercontinental Exchange.