Crude oil futures ended marginally higher on Monday after plunging earlier in the session amid expectations of higher supplies and weakening demand. The dollar’s climb to a 16-month high also weighed on oil prices early on in the session. Meanwhile, US President Joe Biden has called on the OPEC+ alliance to turn on the taps and bring down crude prices. However, Saudi Arabia and the UAE signaled that they will continue raising oil output cautiously and will not bow to US pressure to pump faster.
Benchmark crude oil futures for December delivery gained 9 cents or 0.1 percent to settle at $ 80.88 a barrel on the New York Mercantile Exchange. However, Brent crude for January delivery lost 12 cents or 0.2 percent to settle at $82.05 a barrel on London’s Intercontinental Exchange.