Oil Adds Nearly 2% on Industrial Data

Oil prices surged on Monday, supported by positive manufacturing and industrial data across the United States, Europe, and Asia.

Brent crude futures rose by 63 cents or 1.5% to settle at $44.15 per barrel.

Meanwhile, the U.S. benchmark West Texas Intermediate (WTI) crude futures rose by 74 cents or 1.8% and closed at $41.01 a barrel.

However, the market’s sentiment remains affected by the rising number of COVID-19 cases across many countries.