Investing.com - Bottom fishers snapped up nicely priced crude positions on Monday after a key European Central Bank official said the euro wasn't overvalued, which sparked demand for the single currency and sent the dollar falling.
French industrial production figures fueled bargain hunting as well.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD96.71 a barrel on Monday, up 1.03%, off from a session high of USD96.93 and up from an earlier session low of USD94.97.
European Central Bank council member Jens Weidmann said earlier Monday the euro hasn't become too seriously overvalued despite its recent strengthening trend and urged eurozone governments against calling for measures to weaken the currency.
Weidmann's words sent the euro gaining and the greenback weakening, making oil a nicely priced asset in dollar-denominated exchanges.
French output numbers fueled the bargain hunting as well.
France's industrial output contracted by 0.1% in December from the month before, less than market calls for a 0.2% contraction though still down from November's 0.5% gain.
Elsewhere on the ICE Futures Exchange, Brent oil futures for April delivery were down 0.38% at USD117.40 a barrel, up USD20.69 from its U.S. counterpart.
French industrial production figures fueled bargain hunting as well.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD96.71 a barrel on Monday, up 1.03%, off from a session high of USD96.93 and up from an earlier session low of USD94.97.
European Central Bank council member Jens Weidmann said earlier Monday the euro hasn't become too seriously overvalued despite its recent strengthening trend and urged eurozone governments against calling for measures to weaken the currency.
Weidmann's words sent the euro gaining and the greenback weakening, making oil a nicely priced asset in dollar-denominated exchanges.
French output numbers fueled the bargain hunting as well.
France's industrial output contracted by 0.1% in December from the month before, less than market calls for a 0.2% contraction though still down from November's 0.5% gain.
Elsewhere on the ICE Futures Exchange, Brent oil futures for April delivery were down 0.38% at USD117.40 a barrel, up USD20.69 from its U.S. counterpart.