Oil settles up on distillate strength, supply concerns | Reuters
Oil prices reversed course to settle in positive territory on Monday on a rally in the diesel market and fears that supply might be crimped by a potential European Union ban on Russian crude.
Brent crude futures gained 44 cents, or 0.4%, to settle at $107.58 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 48 cents to settle at $105.17 a barrel.
Diesel futures continued to rally after rolling over to the June contract on Monday, rising 5% to $4.0172 per gallon as a low supply of inventories globally put pressure on WTI and Brent prices.
"The main item was a further strengthening in the diesel market that acted to pull the rest of the complex higher," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
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