Although prices were initially boosted by the rollout of several Covid-19 vaccines, rising infection rates coupled with new lockdowns offset the gains last week.
President-elect Joe Biden's pick for Treasury secretary, Janet Yellen, is expected to tell United States legislators tomorrow that the country will risk an extended period of recession if Congress doesn't approve new financial relief.
According to The Wall Street Journal, Yellen will urge lawmakers to "act big" when it comes to providing additional financial support during the coronavirus crisis. Yellen is scheduled to deliver remarks to the Senate Finance Committee, the body that is considering her nomination.
Brent crude futures for March jumped 0.93 percent to 55.26 dollars per barrel. At the same time, West Texas Intermediate for February delivery rose 0.88 percent to 52.51 dollars per barrel.