Investing.com - Crude oil prices rose marginally on Monday in early Asia with investors looking ahead at events in Yemen, U.S. demand/supply plays and the strength of the U.S. economic recovery.
On the New York Mercantile Exchange, crude oil for delivery in June rose 0.06% to $57.18 a barrel.
Last week, crude oil futures were mixed on Friday, with London-traded Brent prices hitting the highest level of the year, while New York oil futures ended modestly lower as investors cashed out of the market to lock in gains from a recent rally.
On the ICE Futures Exchange in London, Brent oil for June delivery hit an intraday peak of $65.80 a barrel, the most since December 10, before ending at $65.28 by close of trade on Friday, up 43 cents, or 0.66%.
Saudi Arabia resumed its air strike campaign against Iran-backed Houthi rebels in Yemen on Friday, renewing concerns over the security of Middle East oil shipments.
U.S. oil futures have risen almost 16% in April due to mounting expectations that U.S. shale oil production has peaked and may start falling in the coming months amid an ongoing collapse in rigs drilling for oil.
Industry research group Baker Hughes (NYSE:NYSE:BHI) said late Friday that the number of rigs drilling for oil in the U.S. fell by 31 last week to 703, the lowest since October 2010. It was the 20th straight week of declines.
Market players have been paying close attention to the shrinking rig count in recent months for signs it will eventually reduce the glut of crude flowing into the market.
The Commerce Department reported Friday that orders for durable goods, excluding aircraft, fell 0.5% in March, after a downwardly revised 2.2% drop in February.
The headline figure rose 4.0%, beating expectations for a 0.6% gain, but investors focused on underlying weakness in the report.
In the week ahead, market players will focus on the conclusion of the Federal Reserve's two-day monetary policy meeting on Wednesday, which could provide indications on how soon it might raise interest rates.
Investors will also be looking ahead to preliminary data on first quarter U.S. growth figures for further indications on the strength of the economy.
On Tuesday, the U.S. is to release private sector data on consumer confidence, while the American Petroleum Institute, an industry group, is to publish its weekly report on oil supplies.