oil futures settled higher on monday after posting their biggest weekly loss in about two years late last week after the us and international energy agency announced plans to release oil from emergency reserves oil prices have rebounded after last weeks big declines with us prices recovering back above 100 a barrel in the wake of renewed calls for further sanctions against russian oil and gas imports said michael hewson chief market analyst at cmc markets uk this appears to be outweighing concerns over chinese demand after the whole of shanghai a city of 25 million people was put into a covid lockdown west texas intermediate crude for may delivery clk22 rose 401 or 4 to settle at 10328 a barrel on the new york mercantile exchange prices on friday settled below the 100 at the lowest finish since march 16