The West Texas Intermediate (WTI) for March delivery gained 72 cents, or 0.98 percent, to settle at 74.11 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery added 1.05 dollars, or 1.31 percent, to settle at 80.99 dollars a barrel on the London ICE Futures Exchange.
The rally came after a devastating earthquake that struck Türkiye and Syria early Monday halted operations at Türkiye's major oil export hub in Ceyhan. The Ceyhan terminal exported over 1 million barrels a day in January, according to crude oil and refined oil product flows data provider Vortexa.
Also lending buoyancy to oil were expectations of rising demand from China.
Meanwhile, a surge in the U.S. dollar capped the gains on the oil market. The dollar index, which measures the greenback against six major peers, increased 0.66 percent to 103.6140 in late trading on Monday, following a 1.16 percent jump in the prior session. Historically, the price of oil is inversely related to the price of the U.S. currency.
For the week ending Friday, the WTI dropped 7.9 percent, while Brent declined 7.5 percent, based on the front-month contracts.
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