West Texas Intermediate futures for March delivery climbed to $31.14 (+0.81%), while Brent crude rose to $34.41 (+1.03%) in thin trade on Monday, when most Asian markets were closed due to the Lunar New Year holiday. Market participants are waiting for U.S. crude oil inventories data and Fed Chairwoman Janet Yellen's testimony on Wednesday.

Oil ministers from Saudi Arabia and Venezuela met on Sunday; however the meeting did not result in any agreement. Nevertheless Venezuela's Oil Minister Eulogio Del Pino called the meeting "productive".