Oil Finishes Higher Amid Supply Disruptions

Oil prices rose on Monday amid concerns about global supplies, with Iraq planning to cut output and Libya seeing production disruptions.

In addition, crude prices continue to be supported by the prospect of increased government stimulus in the United States by the new administration.

Brent crude futures for March delivery rose by 47 cents, or 0.9%, to close at $55.88 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for March delivery added 50 cents, or 1%, to finish at $52.77 per barrel.