Oil Prices Surge Sharply

Oil prices are rising on Monday morning following a decline last week. Brent crude oil futures for February at the London ICE Futures Exchange have increased by $0.32 (0.52%), reaching $61.44 per barrel. On Friday, Brent had decreased by $0.16 (0.26%), settling at $61.12 per barrel.

In electronic trading on the New York Mercantile Exchange (NYMEX), WTI crude oil futures for January have climbed by $0.29 (0.5%), reaching $57.73 per barrel. In the previous trading session, the contract fell by $0.16 (0.28%), finishing at $57.44 per barrel.

Over the past week, both benchmarks have lost more than 4%.