Crude oil futures edged lower towards $65 a barrel as the dollar strengthened on Monday, with a public holiday in the United States and much of Europe keeping trading muted.
Front-month Brent crude shed 17 cents to $65.20 a barrel
Oil prices fell on Friday as worries over the impact of war in the Middle East on crude supplies were outweighed by reports of profit-taking ahead of a long weekend.
Monday, May 25 is Memorial Day in the United States and a public
Crude oil prices bounced back on Wednesday from steep falls in the previous session as strong Japanese economic growth surprised markets and the business outlook in Australia also seemed to brighten, stoking producer hopes of increased demand.
Brent crude oil steadied below $67 a barrel on Friday after reports that a growing supply glut is boosting inventories worldwide.
Oil futures have rallied strongly since January after collapsing last year but analysts say the rebo
Brent crude dipped towards $66 a barrel on Monday as weak Chinese data added to demand fears, while near-record supplies from Opec producers maintained worries about oversupply.
China, the world's second-largest oil consumer,
Oil fell more than 1 per cent on Tuesday ahead of weekly US crude inventory data that is expected to hit another high and as Saudi Arabia pledged to supply more oil to China if needed.
US commercial crude stockpiles were expected
Oil prices diverged on Friday, with Brent hitting 4-1/2-month highs on continued fighting in Yemen as US crude fell on concerns of another upcoming stock build, though both benchmarks headed toward weekly gains.
Fighting between Y
Crude futures fell from 2015 peaks in choppy trading on Friday, but Brent's 9.6 per cent weekly gain was its biggest in more than five years as Middle East turmoil and signs of lower US production lifted prices.
US crude also
Brent crude oil prices fell on Friday, ending a run of rallies earlier in the week, after Opec said that its output surged in March, adding to a global glut.
The Organization of the Petroleum Exporting Countries (Opec) said that i
Oil's rally supported stock markets across the Gulf, while Dubai property stocks surged after the emirate's biggest listed real estate developer announced a bullish 2015 profit forecast.
Brent crude hit 2015 highs above $6