Oil prices continued to rise on Monday as falling U.S. dollar sparked interest in oil.
The U.S. dollar went down against major currencies Monday after scoring wide gains boosted by improved U.S. consumer confidence last week. A weaker U.S. currency increases the appeal of dollar- denominated oil as an investment.
With a lack of major economic data due on Monday, traders are eyeing a group of the U.S. Federal Reserve officials' comments this week on the prospect of the Fed's stimulus program.
Dallas Fed President Richard Fisher said on Monday that the central bank could only slow its pace of purchasing mortgage- backed securities rather than an abrupt stop.
U.S. Federal Reserve Chairman Ben Bernanke is set to give his testimony before Congress on the outlook for the U.S. economy Wednesday, which may give indications of the Fed's exit strategy from its massive bond purchases.
A string of better-than-expected economic data released last week boosted growing optimism about the economy of the world's largest economy, which is also the world's biggest oil consumer.
Light, sweet crude for June delivery gained 69 cents, or 0.72 percent, to settle at 96.71 dollars a barrel on the New York Mercantile Exchange.
Brent for July delivery went up 16 cents, to close at 104.80 dollars a barrel.