US oil futures climb 1.9% to end at a two-week-high $72.53 a barrel.

WTI crude's gains were driven mostly by a weaker dollar following remarks from Fed Chair Powell who said the central bank was likely to increase interest rates in the coming months. Expectations of higher rates often push oil prices lower as they're seen as a demand-destroyer.

But in this case Powell's comments also weakened the dollar sharply. Oil barrels are bought and sold with US currency, and so their prices often move inversely to sharp moves in the dollar. Next up for oil markets are weekly US inventory reports from trade group API and the US government's EIA.

Brent crude also ends higher, at $77.12.

Source: Marketwatch