Investing.com - Crude oil prices rebounded mildly in Asia Monday with traders taking advantage of recent declines, though the overall outlook remains one of ample supplies.
On the New York Mercantile Exchange, crude oil for delivery in October traded at $93.40 a barrel, up 0.04%, after shedding 0.33% to end last week at $93.65 a barrel by close of trade on Friday, the lowest since Jan. 14.
Crude prices have slid more than 12% over the last two months as fears of supply disruption stemming from geopolitical tensions have eased and oil has become more abundant.
Brent oil, the global benchmark, fell 0.3% to $102.29 a barrel on the ICE Futures Europe Exchange.
The October Brent contract lost 1.19% on the week, its second consecutive weekly loss.
The dollar was boosted Friday following comments from Federal Reserve Chair Janet Yellen.
Speaking at the Fed's annual meeting of top central bankers and economists in Jackson Hole, Wyoming, on Friday, Yellen said the U.S. economy is recovering and added the labor market is improving as well.
Her remarks came after minutes of the Fed's July meeting published Wednesday showed that some officials believe the strengthening recovery and ongoing improvement in the labor market supports a move towards tightening monetary policy.
Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for buyers in other currencies.
Tensions over the crisis in Ukraine remained in focus after NATO said it was observing an alarming increase in Russian forces near the border with Ukraine.
Ukraine declared on Friday that Russia had launched a "direct invasion" of its territory after Moscow sent a convoy of aid trucks across the border into eastern Ukraine where pro-Russian rebels are fighting government forces.
In the week ahead, investors will be looking ahead to key U.S. data for further indications on the strength of the economy and the possible future path of monetary policy.
The U.S. will produce data on second quarter gross domestic product, as well as reports on new home sales, durable goods orders and initial jobless claims.
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