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Crude oil futures edged lower toward $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 by 1052 GMT. U.S. crude was down 35 cents at $59.37 a barrel.

The dollar pared early gains but remained near to two month-highs against the euro and yen as well as a one-month high against a basket of currencies.

A strong dollar makes crude oil less attractive for holders of other currencies.

“The overall fundamentals still point to a well-supplied market, a fact that should continue to put a ceiling on prices,” Barclays said.

However, the market drew support from strong demand figures across Asia and the United States.

“Global oil demand continues to surprise to the upside, with April data showing no signs of slowdown despite a pick-up in prices,” Energy Aspects said in a note.

via Reuters

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza