U.S. crude prices reversed some of last week's losses and rose toward $72 a barrel on Monday, supported by a technical rebound and as a powerful storm across the U.S. mid-Atlantic boosted hopes of increased fuel demand.
U.S. crude for March delivery CLc1 rose 47 cents to $71.68 a barrel by 2345 GMT. The contract settled down $1.95 at a seven-week low of $71.19 per barrel on Friday, after earlier hitting a session low of $69.50.
A powerful storm slammed the U.S. mid-Atlantic on Friday, threatening record snowfall in a region heavily dependent on home heating oil and natural gas supplies.
