At a time when geopolitical tensions in Eastern Europe and the Middle East have heightened concerns about oil supply prospects, oil prices have jumped, while OPEC and its allies have continued their efforts to increase their production.

Brent crude futures rose 87 cents, or 1.0 percent, to $88.76 per barrel, ending a 0.6 percent decline on Friday.

U.S. West Texas Intermediate crude futures increased 86 cents or 1.0 percent to $86.00 per barrel, after declining 0.5 percent on Friday.

Both indexes rose for the fifth consecutive week last week about two percent, recording their highest level since October 2014.

Oil prices have risen more than 10 percent so far this year, owing to fears of a lack of supply.