Oil prices rose on Monday, with crude and gasoline prices closing higher despite early losses. This was driven by a rally in stocks, signaling confidence in economic outlook and energy demand. Reduced crude exports from Russia also supported prices, as data showed a significant drop in oil product shipments. Geopolitical risks involving Russia and the US added to the support. However, hopes of peace in Ukraine could lead to a surplus in global oil supplies. OPEC revised its global oil market estimates, now forecasting a surplus in Q3. The number of active US oil rigs also increased slightly.

Read more at Yahoo Finance: Risk-On Sentiment in Asset Markets Lifts Crude Prices