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West TX Oil near Five Week High at $104.70

U.S. crude futures held near five-week highs above $104 a barrel on Monday, as traders increased net long positions ahead of peak summer oil demand while tensions in Libya kept the OPEC producer’s output low.

U.S. crude futures for July delivery edged down 13 cents to $104.22 a barrel by 0001 GMT, after settling on Friday at the highest since April 21.

July Brent crude was at $110.42 a barrel, down 12 cents after touching the highest in 2-1/2 months last week. U.S. and U.K. markets are closed for holidays on Monday.

CNBC [1]

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