West Texas Intermediate futures for March delivery rose to $32.52 (+1.03%), while Brent crude advanced to $32.68 (+1.55%) on Monday morning extending Friday's gains after a snowstorm covered the East Coast of the U.S. boosting demand for oil for heating.

On Friday oil prices rose due to short-covering. Expectations of further stimulus from central banks of Japan and the euro zone support crude too because more stimulus suggests better demand.