- West Texas Intermediate crude for March delivery rose 63 cents, or 0.8%, to $77.55 a barrel on the New York Mercantile Exchange.
- April Brent crude, the global benchmark, was up 67 cents, or 0.8%, at $82.67 a barrel on ICE Futures Europe.
The U.S. benchmark, WTI, recorded its sixth straight gain on Monday, while Brent saw a slight decrease. Both grades experienced a surge of over 6% in the previous week amid growing concerns about potential conflicts in the Middle East that could disrupt crude supply.
According to Craig Erlam, senior market analyst at Oanda, the market remains highly volatile due to events in the Middle East. He also noted that the global economy and interest rates are factors that contribute to this volatility. While expectations regarding interest rates have been scaled back recently, traders continue to hold a positive outlook on the economic situation. However, if the timeline for rate cuts gets pushed further back, it could dampen confidence and lead to a decline in oil prices.