Oil futures settle higher, with U.S. prices back above the $100 mark

Oil futures settled higher on Monday after posting their biggest weekly loss in about two years late last week, after the U.S. and International Energy Agency announced plans to release oil from emergency reserves. Oil prices have rebounded after last week’s big declines, with U.S. prices recovering back above $100 a barrel, “in the wake of renewed calls for further sanctions against Russian oil and gas imports,” said Michael Hewson, chief market analyst at CMC Markets UK. “This appears to be outweighing concerns over Chinese demand after the whole of Shanghai, a city of 25 [million] people, was put into a COVID lockdown.” West Texas Intermediate crude for May delivery CLK22, +1.33% rose $4.01, or 4%, to settle at $103.28 a barrel on the New York Mercantile Exchange. Prices on Friday settled below the $100, at the lowest finish since March 16.