Oil prices near two-week highs after weekly gains

Oil prices continued their upward momentum on Monday, approaching two-week highs after a robust performance last week that saw a 6 percent increase.

According to a report by Bloomberg, Brent crude futures rose by USD 0.13, settling at USD 75.30 per barrel. Meanwhile, West Texas Intermediate (WTI) crude gained USD 0.14, reaching USD 71.38 per barrel.

The recent rally comes after both benchmarks posted their strongest weekly gains since late September, buoyed by optimism in global energy markets and reaching their highest settlement levels since November 7.