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Oil prices traded higher on a weaker U.S. dollar. Investors are awaiting the release of OPEC's oil market report and the release of the U.S. Energy Information Administration's (EIA) figures. The OPEC is expected to release its report later in the day. The U.S. Energy Information Administration is expected to release its figures on Wednesday.
The OPEC denied yesterday's news, published by The Wall Street Journal, that it doesn't see oil prices trading at $100 a barrel in the next decade.
The EIA estimates that total oil output from major shale plays will drop by 86,000 barrels a day in June.
WTI crude oil for June delivery rose to $60.55 a barrel on the New York Mercantile Exchange. Brent crude oil for June increased to $65.61 a barrel on ICE Futures Europe.
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