Oil Futures Settle Higher

Oil prices settled higher on Monday with markets showing recovery signs despite the increasing number of COVID-19 cases.

A recent report by the US Energy Information Administration (EIA) expected the global demand for crude oil to recover by August 2021 and restore its pre-crisis levels.

The US benchmark crude oil, West Texas Intermediate (WTI), futures for August delivery closed higher by 22 cents at $40.81 per barrel.

The global benchmark Brent crude futures added 14 cents and closed at $43.28 per barrel.