Crude oil futures end higher on Monday amid supply concerns

Crude oil futures wiped out initial losses and ended higher on Monday amid concerns about supply after Houthi militants continued their attacks in the Red Sea route. According to reports, Houthi missiles narrowly missed a U.S.-flagged tanker over the weekend. Initial weakness in prices was due to demand worries, especially in the face of uncertainty over the timing and pace of interest rate cuts in the U.S. and Europe. Traders await a meeting of the Organization of the Petroleum Exporting countries and allies early next month. It is expected that the group will extend production cuts beyond March.

Benchmark crude oil futures for April delivery rose $1.09 or about 1.4% to settle at $77.58 a barrel on the New York Mercantile Exchange. Brent crude for April delivery was up by $1.01 or 1.25% to $81.18 per barrel on London's Intercontinental Exchange.