Oil prices rose noticeably on Monday as traders weighed the prospect of more Western sanctions against Russia.
The West Texas Intermediate (WTI) for May delivery added 4.02 U.S. dollars, or 4 percent, to settle at 103.28 dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery increased 3.14 dollars, or 3 percent, to close at 107.53 dollars a barrel on the London ICE Futures Exchange.
The above market reactions came as some European officials called for additional sanctions against Moscow amid the Russia-Ukraine conflict.
Monday's rally followed oil's worst week in nearly two years, which saw the U.S. crude standard and Brent drop 12.8 percent and 11.1 percent, respectively, for the week ending Friday.
On Thursday, the United States announced the release of 1 million barrels a day of crude for the next six months from its Strategic Petroleum Reserve, while members of the International Energy Agency said Friday they would release additional barrels.