Crude oil futures settled higher on Monday as the U.S. dollar came under pressure amid expectations of interest rate cuts. Further, a brewing Latin American conflict after the U.S. stepped up action against Venezuela along with Ukraine's attacks on Russia last weekend that damaged a Russian oil terminal have heightened supply side concerns. Meanwhile, Venezuelan President Nicolas Maduro accused the U.S. of scheming to seize the country's oil-rich reserves and asked OPEC to protect his country from U.S. President Donald Trump's aggressive actions.
Benchmark crude oil futures for December increased $0.77 or 1.32% at $59.32 a barrel on the New York Mercantile Exchange. Brent crude for February delivery surged $0.79 or 1.27% to settle at $63.17 a barrel on London's Intercontinental Exchange.
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