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Oil prices traded higher on expectations for higher oil demand and on a weaker U.S. dollar. Saudi Arabia's oil minister, Ali al-Naimi, has said on Monday that he expects oil demand to rise in the second half of this year, while oil supply declines.

 

 

Investors are awaiting OPEC's meeting on June 05. It is expected that OPEC keeps unchanged its oil production.

 

 

Investors are also awaiting the release of U.S. crude oil inventories. Analysts expect U.S. crude oil inventories to decline by 857,000 barrels in the week ending May 29.

 

 

WTI crude oil for July delivery rose to $60.88 a barrel on the New York Mercantile Exchange.

 

 

Brent crude oil for July increased to $65.28 a barrel on ICE Futures Europe.



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