U.S. oil prices on Monday ended at their highest in three months, up more than 2%.

"The unquenched thirst for summer oil created a snowball effect that has led to a multi-week rally," said Manish Raj, managing director at Velandera Energy Partners. "Export cuts from Saudi Arabia and Russia has led to Asian buyers looking for U.S.-sourced WTI," he said.

West Texas Intermediate crude for September delivery climbed $1.67, or 2.2%, to settle at $78.74 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract finished at their highest since April 24, according to FactSet data.

Source: marketwatch