2017.09.2514:42:00UTC+00Crude Oil Surges To Yearly High

Crude oil futures jumped to a yearly high Monday, as traders bet on renewed demand from Europe and Asia.

Euro area economic recovery is now firm and broad-based, and the latest data suggest that the momentum is set to continue in the period ahead, European Central Bank President Mario Draghi said Monday.

"The ongoing recovery is, crucially, driven by domestic forces, and the labor market has notably improved," Draghi said at a hearing at the European Parliament in Brussels.

Meanwhile, US stockpiles are expected to dwindle as U.S. refineries get back to normal after hurricane season.

WTI light sweet crude jumped 3% to $52.22 a barrel.

Markets will be keeping a close eye on North Korea tensions. North Korean Foreign Minister Ri Yong Ho claimed recent comments by President Donald Trump represent a "declaration of war."

"Last weekend, Trump claimed that our leadership wouldn't be around much longer, and hence, at last, he declared war on our country," Ri said.