Oil prices rose more than 1% on Monday, supported by Middle East tensions and OPEC-led supply cuts as well as continued crude disruptions from Russia after a contamination problem discovered last month.
Output reductions - both voluntary by the Organization of the Petroleum Exporting Countries (OPEC) and allies, plus those resulting from U.S. sanctions - have helped Brent crude, the global benchmark, rise by about 29% this year.
Brent settled at $70.11, rising $1.42, or 2.07%, after having fallen by about 4.5% last week. U.S. West Texas Intermediate crude futures were up 59 cents, or 1%, to $59.24 a barrel at 1:52 p.m. ET.
Public holidays in the United States and Britain on Monday limited participation, keeping volumes low.
Source : Reuters