Investing.com - Better-than-expected U.S. personal spending data coupled with news of refinery closures sent oil prices trading near session highs on Monday.
In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded up 1.15% at $94.62 a barrel during U.S. trading. New York-traded oil futures hit a session low of $92.75 a barrel and a high of $94.63 a barrel.
The November contract settled up 1.09% at $93.54 a barrel on Friday.
Nymex oil futures were likely to find support at $90.41 a barrel, last Monday's low, and resistance at $95.91 a barrel, the high from Sept. 2.
The Commerce Department reported earlier that U.S. personal spending rose 0.5% in August, beating expectations for an increase of 0.4%, after a 0.1% dip in July, which boosted oil prices on hopes that a more robust U.S. economy will consume more fuel and energy going forward.
The report also showed that personal income, reflecting income from wages, investment, and government aid, rose 0.3%, up from 0.2% in July, and broadly in line with forecasts.
Oil prices continued to see support after Friday's news that U.S. gross domestic product expanded at an annual rate of 4.6% in the second quarter, in line with the consensus forecast.
Elsewhere, prices rose ahead of seasonal refinery closures, when facilities are tweaked to produce gasoline and other products better suited for colder weather.
Aside from seasonal maintenance, unplanned closures at refineries in Canada and Texas pressured prices up as well.
Separately, on the ICE Futures Exchange in London, Brent oil futures for November delivery were up 0.34% at US$97.33 a barrel, while the spread between Brent and U.S. crude contracts stood at US$2.71 a barrel.