WASHINGTON (dpa-AFX) - Oil prices traded higher on Monday after declining in the previous session on concerns about the outlook for global oil demand.
Brent crude futures rose 0.4 percent to $84.69 a barrel while WTI crude futures were up half a percent at $81.09.
A weaker dollar lent some support as investors looked ahead to the release of key U.S. PCE price index data and comments from Federal Reserve officials this week for guidance.
Prominent Fed officials speaking this week include San Francisco Fed President Mary Daly and Fed Governors Lisa Cook and Michelle Bowman.
The U.S. dollar edged lower in European trade after climbing to a near eight-week high last week in response to stronger-than-expected PMI readings.
Expectations of strong summer demand in the United States, simmering geopolitical tensions in the Middle East and Europe, and tighter U.S. sanctions on Iran also helped oil prices tick higher today.
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