Oil futures settle at a nearly 2-week high

Oil futures climbed on Monday, with the U.S. oil benchmark logging its highest settlement in almost two weeks. An expectation that the European Union might well consider imposing their own embargo on Russia oil, despite concerns over any such ban might do to their own economies, helped provide support for oil, said Michael Hewson, chief market analyst at CMC Markets UK. “A weekend attack by Houthi rebels on Saudi Arabian oil infrastructure hasn’t exactly helped sentiment either,” he said. West Texas Intermediate crude for April delivery rose $7.42, or 7.1%, to settle at $112.12 a barrel on the New York Mercantile Exchange, with prices up a third straight session. The settlement was the highest for a front-month contact since March 8, according to FactSet data. The April contract expires at the end of Tuesday’s session.

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