FX.co ★ Oil Futures Settle Higher

Oil futures settled higher on Monday, extending gains from the previous session, amid slightly easing worries about outlook for energy demand.

Traders noted a report saying the Group of Seven nations might implement a price capon Russian Crude.

Meanwhile, Libya's National Oil Corporation has signaled a potential dent in supply due to a worsening political crisis.

West Texas Intermediate Crude oil futures for August ended higher by $1.95 or about 1.8% at $109.57 a barrel, the highest settlement in about a week.

Brent crude futures were up $1.65 or 1.51% at $110.75 a barrel a little while ago.

The Organization of the Petroleum Exporting Countries and their allies including Russia, known as OPEC+, are scheduled to meet later this week. However, additional output from OPEC+ is unlikely as the group is expected to stick to the plan announced last month.