|Analysis||Oil fluctuated on Monday trading amid downside pressure from the dollar and upside pressure from the beginning of the summer driving season.|
Crude prices slipped to trade around $100.32 a barrel after touching a high of $101.74 and a low of $99.60.
In general trading is tranquil today as US celebrates the Memorial Day and UK markets are closed due to bank holiday.
The US dollar rebounded today against a basket of major currencies to 74.95 from the day's opening of 74.76, according to the dollar index gauge.
Oil ended the previous week on gains, yet they were limited as the downbeat US data released last week along with the escalating European debt woes raised concerns regarding the strength of recovery this year.
The US dollar was negatively affected by last week's US news which showed the drop in durable goods, lower than-anticipated 1q GDP and rise in initial jobless claims, where eyes this week will be on the awaited non-farm payrolls report due on Friday.
On the upside, the start of summer driving season is expected to bring more demand to oil. The latest EIA report showed that US commercial crude oil inventories increased by 0.6 million barrels from the previous week.
With the beginning of June, attentions will be grabbed towards OPEC meeting as members will discuss supply levels as the remarkable rise in oil prices this year that elevated with the unrest in the oil-rich MENA region.