Oil Futures Rebound Sharply To Close At 1-month High

Oil futures bounced back sharply Monday, with May West Texas Intermediate futures on Nymex jumping $3, or 6.1%, to close at $52.14 a barrel. That's the highest close for a most-active contract since March 5, according to FactSet. Oil futures jumped on signs of improving demand in Asia after Saudi Arabia raised its official price for Asia buyers. Expectations that a preliminary deal to curb Iran's nuclear program won't see the country flood the global market with crude in the near term also provided support, analysts said.