Investing.com - Crude prices gave up early gains and headed to flat territory in Asia on Monday with holidays in the U.S. and the U.K. expected to keep trade light and markets looking ahead to an OPEC meeting near the end of the week.
On the New York Mercantile Exchange, crude oil for delivery in July rose 0.04% to $49.35 a barrel. Brent crude was last quoted down 0.20% to $49.85 a barrel.
Investors will be looking ahead to the Organization of Petroleum Exporting Countries meeting in Vienna on Thursday. Most market analysts expect the oil cartel to keep their production quota unchanged amid rising prices.
The oil cartel’s most recent meeting in Qatar in April ended without agreement to freeze output at current levels due to Saudi Arabia's insistence that Iran be part of the agreement.
Also in the week ahead, oil traders will be focusing on U.S. stockpile data on Wednesday and Thursday for fresh supply-and-demand signals. The reports come out one day later than usual due to the Memorial Day holiday in the U.S. on Monday.
Market players will also continue to monitor supply disruptions across the world for further indications on the rebalancing of the market.
Last week, oil futures ended lower on Friday, but still posted a third consecutive week of gains amid mounting concerns over global supply disruptions.
Both Brent and West Texas Intermediate oil futures cracked $50 this past week for the first time since October as traders eyed supply disruptions in Nigeria, France, Canada and Venezuela.
Oilfield services provider Baker Hughes said late Friday the number of rigs drilling for oil in the U.S. fell by two to 316 in the latest reporting week, keeping up a broad trend of declines.