Crude oil futures ended higher on Monday as concerns of oversupply eased after the OPEC+ alliance reaffirmed its plans to pause production hike for early 2026. Besides, in Europe, Russia and Ukraine continue to mutually attack with no end in sight. Despite intense month-long negotiations with Russia and Ukraine to convince both nations to end the war, the US failed come up with any breakthrough. Along with ongoing war, the decrease in value of the U.S. dollar has supported crude oil prices on the upside.
Benchmark crude oil futures for February increased $1.00 or 1.74% at $58.32 a barrel on the New York Mercantile Exchange. Brent crude for March delivery surged $1.01 or 1.66% to settle at $61.76 a barrel on London's Intercontinental Exchange.
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