Oil settles at 6-month high

Crude oil prices rose to fresh 6-month highs and posted the highest settlement since November 3rd on Monday.

West Texas Intermediate crude for June delivery reached a daily high of $47.85 a barrel before settling at $47.72, up 1.51 or 3.3% on the day.

WTI crude has surged by nearly 70% since February, when it bottomed out at a 13-year low of $26.05 a barrel.