International oil prices surge more than 9%

(ECNS) -- International oil prices posted sharp gains on Monday, with both major crude benchmarks rising by more than 9 percent.

The price of light crude oil futures for August delivery climbed 6.73 U.S. dollars, or 9.42%, to settle at 78.14 dollars per barrel on the New York Mercantile Exchange.

Meanwhile, Brent crude for September delivery rose 7.29 dollars, or 9.59 %, to close at 83.30 dollars per barrel on the London ICE Futures Exchange.

(By Kira)