Oil prices surged to three-month highs on Monday, as improving sentiment in financial markets helped support prices and data revealed investors have dramatically upped their bets on the price of oil rising.
Front-month Brent crude futures traded as high as $40.26, up close to 4 percent and trading at its highest level since early December on Monday in afternoon trade.
U.S. West Texas Intermediate (WTI) futures were up around 4 percent at $37.35 a barrel.
Genscape said Cushing stockpiles rose by 670,714 barrels to reach 68.8 million last week according to Reuters. In the previous week to Feb. 26, Genscape reported that inventories at the hub rose by more than 1 million barrels.
Meanwhile, data from the InterContinental Exchange (ICE) published on Monday showed that hedge fund and money managers have hiked their long positions, or bets, on the price of oil rising to record highs.