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Crude oil prices ended notably higher on Monday, amid expectations that escalating conflicts in Libya, along with OPEC-led production cuts and U.S. sanctions against Iran and Venezuela could significantly tighten global crude supply in the near term.
According to reports, the unrest in Libya flared up over the weekend after its government said it would start a counterattack to clear the forces loyal to Khalifa Haftar.
On Sunday, Haftar's forces and the UN-backed unity government exchanged air strikes. Earlier last week, Haftar launched an offensive, aiming to seize the capital.
Last week's data from the Labor Department showed a notable increase in U.S. jobs growth in March helped clear doubts about growth in the world's largest economy and wiped off concerns about energy demand.
West Texas Intermediate Crude oil futures for May ended up $1.32, or 2.1%, at 64.40 a barrel, a more than 5-month high.
On Friday, crude oil futures ended up $0.98, or 1.6%, at $63.08 a barrel.
A recent survey by S&P Global Platts showed crude supply in the market dropped considerably in March, after OPEC slashed 570,000 barrels per day from its February output level. Extended production cuts by Saudi Arabia and power outages in Venezuela and U.S. sanctions on Venezuela resulted in falling supply levels.
The oil cartel and its allies have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year.
