Crude oil prices are trading sharply higher in futures market on Monday as many Asian markets were on holiday for Lunar New Year, with few trading cues expected until Federal Reserve Chair Janet Yellen gives testimony to lawmakers later in the week.

Light sweet crude oil (WTI) futures gained 0.38 dollar or 1.16 percent to trade at USD 33.10 a barrel at the New York-based commodity exchange NYMEX.

Brent crude oil futures went up 0.35 dollar or 1.03 percent to trade at USD 34.41 a barrel at NYMEX. WTI-Brent spread was stable on Feb-2016.

Natural gas futures jumped 0.047 dollar or 2.278 percent to trade at USD 2.110 a gallon at the NYMEX.

In refined products, RBOB heating oil futures gained 0.011 dollar or 1.064 percent to trade at USD 1.083 a gallon at the NYMEX.