Crude oil futures though recovered to end higher on Monday, but sentiment on oil remained negative as fears grew that rising output from the United States, Nigeria and Libya would continue to weigh on Opec and its allies’ efforts to rein in supply. Though, OPEC is expected to insist Libya and Nigeria take part in the cartel's supply quota plan. The two African nations have been exempt for the past six months, but production there has risen more than OPEC anticipated. Traders were also waiting for mid-week testimony from Federal Reserve Chair Janet Yellen for clues about when the Fed will again raise interest rates.

Benchmark crude oil futures for August delivery added $0.17 or 0.3 percent to $44.40 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended up by $0.37 at $46.93 a barrel on the ICE.

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